IDES announces Ill. unemployment falls for 9th consecutive month | News
(KFVS) - The U.S. Bureau of Labor Statistics and the Illinois Department of Employment Security reports that preliminary data released Thursday says the unemployment rate fell for the ninth consecutive month to reach 8.6 percent in May.
IDES says the data is seasonally adjusted. The last time the May rate was below 8.6 percent was February 2009 when it was 8.5 percent. They say Illinois non-farm payroll employment edged lower by 1,800 jobs.
"Job gains early in the year followed by a temporary soft-patch in hiring in the spring and summer is to be expected given emerging trends in the national and state economy," IDES Director Jay Rowelll said. "These long-term trends also show an economy that is improving despite up-and-down movement in the monthly job report."
According to IDES, non-farm payroll employment decreased slightly in May after strong gains in the first quarter. The three-month moving average, which smooths monthly volatility, shows Illinois added 1,700 jobs in the period.
IDES says Illinois added more than 136,300 private sector jobs since January 2010 when job growth returned to Illinois after nearly two years of monthly losses. Since January 2010, leading growth sectors are professional and business services with +69,500; manufacturing with +40,700; and educational and health services with +29,700. They say government has lost the most jobs, down -23,800.
Historically, IDES says the national unemployment rate is lower than the state rate. Only six times since January 2000 has the Illinois rate been lower than the nation's. That period includes times of economic expansion and contraction.
According to IDES, in May the number of unemployed individuals fell -6,900 to 564,400, the ninth consecutive drop. They say total unemployed has declined -188,400 since January 2010 when the state unemployment rate peaked at 11.4 percent. The rate identifies those who are out of work and seeking employment. IDES says a person who exhausts benefits, or is ineligible, still will be reflected in the unemployment rate if they actively seek work.
The IDES supports economic stability by administering unemployment benefits, collecting business contributions to fund those benefits, connecting employers with qualified job seekers and providing economic information to assist career planning and economic development.
For more information, you can click here to IDES online.
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