Unemployment rate ticks up to 9.2 percent
Illinois adds 9,000 private sector jobs
CHICAGO – Illinois added 9,000 private sector jobs in June and the unemployment rate inched upward to 9.2 percent, according to preliminary data released by the U.S. Bureau of Labor Statistics (BLS) and the Illinois Department of Employment Security (IDES).
Illinois added 57,700 private sector jobs compared to June 2012. The data is seasonally adjusted.
“Continued private sector job growth suggests business leaders expect that consumers will feel better about spending money and they must prepare for that increase in demand,” IDES Director Jay Rowell said. “The unemployment rate is not surprising given the volatility of that measurement and that the same summertime movement occurred in 2012 and 2011.”
Illinois has added 237,900 private sector jobs since January 2010, when job growth returned following nearly two years of consecutive monthly declines. Leading growth sectors are Professional and Business Services (+101,600); Education and Health Services (+60,400); and Trade, Transportation and Utilities (+39,300).
Government has lost the most jobs since January 2010, down 36,300.
Volatility has been the hallmark of this economic cycle. When compared to the previous month, Illinois recorded job growth in 30 months and job loss in 12. Unemployment fell in 24 months, increased in nine and was unchanged in nine. Sustained consumer confidence would reduce volatility.
The rate’s three-month moving average, which smooths volatility, fell 0.1 to 9.2 percent in June. In June 2013, the number of unemployed increased slightly for the first time since March, up 1,600 (+0.3 percent) to 600,700. Total unemployed has fallen 151,500 ( 20.1 percent) since early 2010, when the state unemployment rate peaked at 11.3 percent for the months of January and February.
The unemployment rate identifies those who are out of work and seeking employment. A person who exhausts benefits, or is ineligible, still will be reflected in the unemployment rate if they actively seek work.
Historically, the Illinois unemployment rate is higher than the national rate. Only six times since January 2000 has the state rate been lower than the national rate. This includes times of economic expansion and contraction.
Generally, this trend holds for the country’s 10 largest industrial states.