By Greg Bishop/Illinois Radio Network
SPRINGFIELD – Illinois’ unemployment rate is down and jobs are up, but the state’s Department of Employment Security says more needs to be done to grow the economy.
The state’s unemployment rate dropped a tenth of a point to 4.9 percent for October after adding 3,400 jobs. That makes eight months in a row that Illinois’ rate has been either 5 percent or below, the first time since 2007.
Last month, there were massive drops in the numbers of jobs across the country. IDES’ Bob Gough said Illinois’ numbers are better than the national numbers in contrast.
“We have been so far behind the nation for so long now,” Gough said. “We’ve seen where the national economy has picked up steam where we haven’t, so maybe we’re do for a course correction.”
Gough said it will take a couple more months of data to determine if it’s a trend.
The three-month trend shows average declines of 2,300 jobs per month from August to October, IDES reported. The six-month trend shows an increase of 1,900 average monthly job gains from May to October.
However, Gough said Illinois can do better.
“The governor has been pretty consistent about the need for reforms, especially when it comes to workers’ comp leading the way in that charge,” Gough said. “That’s the one thing, if we can get some of those changes, we think we can fast track this a little better.”
He said economic leaders are out trying to bring more business to the Land of Lincoln.
“The governor has even gone abroad to do this, so I think those efforts are going to bear some fruit soon and obviously that’s what we want to have,” Gough said.
Gough said the state’s workforce, infrastructure and location are great assets.
It doesn’t seem to be a huge magnet, though. Illinois’ unemployment rate still remains above the national rate of 4.1 percent for October. It also remains higher than the average for the Midwest, which in September was 4.2 percent, according to the Bureau of Labor Statistics.
Compared to its neighboring states, Illinois still lags well behind Missouri, which reported its unemployment rate of 3.5 percent in October. Wisconsin reported its unemployment rate was even lower at 3.4 percent. The latest unemployment rate that Iowa had available online was for September and that was at 3.2 percent. Illinois did do better than Kentucky, which reported its unemployment rate was 5 percent in October.
