Jobs
Illinois' Labor Force Participation Rate Falls to New Low in June
The latest statewide unemployment rate seems like good news, that is until you dig deeper into the numbers.
The Illinois Department of Employment Security announced on Thursday that the statewide unemployment rate fell to 5.9 percent in June. That’s the first time since April of 2008 the state’s jobless figure has dipped below 6.0 percent. Sounds like good news until you dig a little deeper into some of the other numbers.
Even though the unemployment rate fell 0.1 percentage points, Illinois actually lost 7,500 nonfarm payroll jobs last month, and May’s gains were revised to show 1,800 fewer jobs created. This is why taking the monthly jobless rates at face value can be quite deceptive.
If you look at another, arguably more important economic indicator such as the labor force participation rate, the jobs picture is troubling considering we’re six years into what should be a recovery…
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