State unemployment rate surges to 11 percent in October
From press release
CHICAGO—The Illinois seasonally-adjusted unemployment rate for October is 11 percent, up 0.5 percent from the previous month and its highest level since August 1983, according to figures released Nov. 19 by the Illinois Department of Employment Security (IDES). The three-month moving average is 10.5 percent, its highest level since November 1983.
IDES Director Maureen O’Donnell said: “While the slowing pace of job loss and other leading economic indicators bring with it cautious optimism, they are of little comfort to those seeking meaningful employment during this national recession. Past economic recoveries suggest the nation will begin to benefit from a growing economy before unemployment rates in Illinois begin to retreat.”
Job loss continues in Illinois, but at a much slower pace. Non-farm payroll employment recorded 3,200 fewer jobs in October, the 21st consecutive monthly loss. October payroll employment in Illinois reached 5,635,600, its lowest jobs level since September 1995. Job losses were reported in several industry sectors, but the loss fell below recent monthly averages.
Employment in the Trade and Transportation sector dipped by 1,400 positions, and the Manufacturing sector lost 800 jobs. Some job sectors reported gains. The Educational and Health Services, Professional and Business Services, and Construction sectors each reported slight gains over the previous month, adding 3,600, 1,300 and 1,000 jobs, respectively.
Nationally, the October unemployment rate increased by 0.4 percent to reach 10.2 percent, the highest rate since April 1983. Total non-farm payroll fell for the 22nd consecutive month (minus 190,000), bringing total national job loss to 7.3 million since the onset of the recession in December 2007.
National employment declines have been led by the Manufacturing, Trade and Transportation, Construction, and Professional and Business Services sectors, dropping by 2.1 million, 1.7 million, 1.6 million, and 1.5 million jobs, respectively, since December 2007. Illinois has lost 359,700 jobs since the onset of the recession: 95,200 in Manufacturing, 88,500 in Professional and Business Services, 76,900 in Trade and Transportation and 47,400 in Construction.
The unemployment rate is not the same measurement as those collecting unemployment benefits. The unemployment rate identifies those who are out of work and seeking employment, regardless if they are eligible for unemployment insurance. Workers collecting benefits are counted separately. Therefore, a person who exhausts or is ineligible for unemployment insurance would still be reflected in the unemployment rate if he or she is seeking employment.
IDES administers federally-funded employment services and unemployment insurance through its nearly 60 offices, including the Illinois workNet Centers. IDES also receives federal grants to provide and analyze labor market statistics and information.
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