U of I Study Finds IL Lost Jobs for Second Consecutive Month
URBANA – The state of Illinois lost jobs for the second consecutive month in August, according to the September Monthly Illinois Economic Review. However, the 900 jobs lost were far fewer than the 12,600 jobs that were lost in the previous month. The July figure has been revised from an earlier reported loss of 11,500 jobs.
The Monthly Economic Review is a compilation of state employment and economic data, produced by economist Geoffrey Hewings of the University of Illinois’ Institute of Government and Public Affairs. The nation as a whole lost about 4,000 jobs in August, but the other states in the Midwest (Indiana, Iowa, Michigan, Missouri, Ohio and Wisconsin) added 27,700 jobs, a growth rate of .14 percent.
Despite the two consecutive months of losses, the state has added 46,900 jobs since August 2006, a growth rate of .79 percent. This compares with an increase of 47,300 jobs in the other six Midwest states combined, a rate of .24 percent. Nationally, nearly 1.6 million jobs have been created in the past 12 months.
The Chicago Business Activity Index, which is based on leading national indicators, was negative in August for the tenths consecutive month. The CBAI, the data for which lags behind the employment data in the Economic Review, traces the path of growth or contraction through to the current period and then forecasts up to 24 months into the future. The CBAI continues to suggest that economic growth in the region will be below its historical trend, in large part because of continued slowing of economic growth nationally.
The Monthly Illinois Economic Review also ranks the non-farm employment growth rates for the state’s 10 Metropolitan Statistical Areas. Data for this ranking lags the overall state ranking by one month and indicate that Peoria showed the largest growth rate for July at .27 percent. Champaign-Urbana-Rantoul was second with a job-growth rate of .18 percent.
The Monthly Illinois Economic Review is produced by the Institute of Government and Public Affairs as part of its mission to follow and report on the Illinois Economy. IGPA also produces the University of Illinois Flash Index, the first monthly barometer of the state’s economic condition, usually available on the first business day of each month. Details from the Illinois Economic Review, as well as the September Flash Index, are available at http://www.igpa.uillinois.edu/.
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The Monthly Economic Review is a compilation of state employment and economic data, produced by economist Geoffrey Hewings of the University of Illinois’ Institute of Government and Public Affairs. The nation as a whole lost about 4,000 jobs in August, but the other states in the Midwest (Indiana, Iowa, Michigan, Missouri, Ohio and Wisconsin) added 27,700 jobs, a growth rate of .14 percent.
Despite the two consecutive months of losses, the state has added 46,900 jobs since August 2006, a growth rate of .79 percent. This compares with an increase of 47,300 jobs in the other six Midwest states combined, a rate of .24 percent. Nationally, nearly 1.6 million jobs have been created in the past 12 months.
The Chicago Business Activity Index, which is based on leading national indicators, was negative in August for the tenths consecutive month. The CBAI, the data for which lags behind the employment data in the Economic Review, traces the path of growth or contraction through to the current period and then forecasts up to 24 months into the future. The CBAI continues to suggest that economic growth in the region will be below its historical trend, in large part because of continued slowing of economic growth nationally.
The Monthly Illinois Economic Review also ranks the non-farm employment growth rates for the state’s 10 Metropolitan Statistical Areas. Data for this ranking lags the overall state ranking by one month and indicate that Peoria showed the largest growth rate for July at .27 percent. Champaign-Urbana-Rantoul was second with a job-growth rate of .18 percent.
The Monthly Illinois Economic Review is produced by the Institute of Government and Public Affairs as part of its mission to follow and report on the Illinois Economy. IGPA also produces the University of Illinois Flash Index, the first monthly barometer of the state’s economic condition, usually available on the first business day of each month. Details from the Illinois Economic Review, as well as the September Flash Index, are available at http://www.igpa.uillinois.edu/.
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Labels: employment, Illinois
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