SPRINGFIELD, Ill. – Fewer Illinoisans were looking for work last month, but the state’s job market is still showing signs of a slowdown.
State labor data released Thursday shows the Illinois unemployment rate fell to 4.7% in August—down two-tenths of a point from July. However, total payroll jobs dropped by 4,400 across the state, bringing overall nonfarm employment down to 6,175,600.
The monthly job losses hit private education and health services the hardest, dropping 6,100 jobs, while financial activities lost 1,700 positions. On the flip side, leisure and hospitality gained 1,800 jobs, and construction added 1,500.
Over the past year, Illinois has managed to add 15,000 jobs overall, driven largely by construction, which gained 13,400 jobs. But year-over-year losses in financial services—down 15,800 positions—continue to drag on the state’s growth. Illinois job growth remains at just 0.2% over the year, trailing the national average of 0.4%.
State officials are pointing fingers at Washington for the monthly slump. Deputy Governor Andy Manar warned that inconsistent federal trade policies are creating uncertainty, making it harder for local businesses to plan and invest with confidence. Meanwhile, state economic leaders say Illinois will keep pushing workforce training and targeted investments to help local employers weather supply chain and trade headwinds.
Right now, roughly 306,800 people in Illinois are unemployed and actively seeking work—an 8.1% increase compared to this time last year.
Comments