Illinois Unemployment Lowest on Record
The Illinois Department of Employment Security (IDES) announced today that the unemployment rate fell to 4.1 percent in August and nonfarm payrolls decreased by -5,200 jobs over-the-month, based on preliminary data provided by the U.S. Bureau of Labor Statistics (BLS) and released by IDES. The July job gain was revised down slightly from its initial report to show no growth. (+0 jobs versus +3,700 jobs).
Job growth moderated in the June to August period posting average monthly gains of +4,000 jobs over this three-month period, less than the prior 3-month average monthly gain of +8,300 jobs between May and July 2018.
“Illinois’ unemployment rate stood at 4.1% in August, matching the lowest rate on record,” said IDES Director Jeff Mays. “Even with the over-the-month drop, nonfarm payrolls have surpassed the prior business cycle peak of September 2000. Jobs are still up more than 47,000 over the year, led by manufacturing.”
“The positive job growth over the last year indicates that efforts to improve the Illinois economy and actively recruit new investment are paying off,” said Illinois Department of Commerce Director Sean McCarthy. “Illinois is seeing the best employment environment since 1999, demonstrating that companies can see the potential to grow in our state.”
The state’s unemployment rate is +0.2 percentage points higher than the national unemployment rate reported for August 2018, which held at 3.9 percent. The Illinois unemployment rate is down -0.9 percentage points from a year ago when it was 5.0 percent. The Illinois jobless rate last stood at 4.1 percent in February 1999. The difference between the Illinois unemployment rate and the U.S. rate represents the smallest gap since December 2010.