April Unemployment Rate Drops to 8.7 Percent, Eighth Consecutive Decline
CHICAGO–(ENEWSPF)–May 17, 2012. The April unemployment rate fell for the eighth consecutive month to reach 8.7 percent, according to preliminary data released today by the U.S. Bureau of Labor Statistics and the Illinois Department of Employment Security (IDES). The data is seasonally adjusted. The last time the rate was below 8.7 percent was February 2009 when it was 8.5 percent. Illinois added +100 jobs in April.
“April marks eight consecutive months of falling unemployment rates. In each of the past three months, Illinois has added, on average, 6,300 new jobs.” IDES Director Jay Rowell said. “Mild swings in the monthly data have been the hallmark of this recovery, and we expect that trend to continue.”
In March, Illinois added +9,800 jobs. The three-month moving average of job growth, which smoothes monthly movements, shows Illinois added +6,300 jobs across the time period.
Illinois has added +140,700 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 (+77,100); Manufacturing (+36,700); and Educational and Health Services (+27,200). Government has lost the most jobs since January 2010, down -23,500.
Historically, 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.
In April 2012, the number of unemployed individuals fell for the eighth consecutive month, decreasing 9,600 (-1.7 percent) to 571,500. Total unemployed has declined -181,300 (-24.1 percent) 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. 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. It does so through more than 45 offices, including Illinois workNet centers.
Source: illinois.gov
