The Unemployment rate for Chicago has been steadily rising, and April marked the 5th month of consecutive decreases of employment.
On the other hand, the local economy and labor force is growing, and the numbers already hit an historic high, so the cause and effect paradigm should be checked as it may be one variable leading to another and not a bad sign after all.
The National Unemployment for the United States of America is of 5%, while Chicago and its metro area are on a 6.5% rate, up from March, a month in which the rate was of 6.3% – as the Illinois Department of Employment Security confirms.
More and more people are looking for work, and the labor force for Chicago’s metropolitan area has experienced a growth of over 100 thousand people entering its labor force since August, which is the highest number of available workers since the year of 1994.
March was the month in which, according to the MSA, Chicago managed to hit the 5 million workers mark, the largest number the Bureau of Labor Statistics had ever recorded since it started doing it in the nineties.
Illinois also has some encouraging numbers, as the underemployment has fallen by 40% since the year of 2010, and more people are getting full-time jobs instead of being forced to take their part-time counterparts.
It is only natural, according to experts, that the unemployment numbers lag after a workforce growth, and the numbers will improve in a natural way.
As far as Illinois unemployment numbers are concerned, Danville has the highest rate at 7.5% while Springfield has a 5.1% rate, being the lowest.