News and Announcements - Article

May Unemployment Falls to 7.5 Percent and is Lowest Since November 2008

For Immediate Release | Greg Rivara, Media contact: (312) 793-9635 | PDF version​

6/19/2014 - The Illinois unemployment rate fell for the third consecutive month to reach 7.5 percent in May and is at the lowest level since November 2008, according to preliminary data released today by the Bureau of Labor Statistics and the Illinois Department of Employment Security. The data is seasonally adjusted.

May marks nine consecutive months that the number of people working has increased and the combined April-May reduction of 0.9 point in the unemployment rate is the largest two-month drop since this data series began 38 years ago in 1976.

“May brings us another month of encouraging data. More people are working and the unemployment rate is falling,” IDES Director Jay Rowell said. “May also reminds us that even as we continue to improve and move forward, more needs to be done to bring this progress to every doorstep.”

The unemployment rate is in line with other economic indicators. First time jobless claims have been trending lower for the past four years and in May were 25.5 percent lower than one year ago. Numbers from the independent Conference Board’s Help Wanted OnLine Survey show Illinois employers in May advertised for more than 2​03,000 jobs (192,500 seasonally adjusted) and 85 percent sought full-time work.

Employers added +242,700 private sector jobs since job creation returned to Illinois. Leading sectors are Professional and Business Services (+105,000, +13.4 percent); Education and Health Services (+59,000, +7.2 percent); and Leisure and Hospitality (+38,300, +7.5 percent). Government continues to lead job loss (-23,100, -2.7 percent.)

In May, the number of unemployed individuals fell -23,600 (-4.6 percent) to 492,400. Total unemployed has fallen -261,100 (-34.7 percent) since when the rate peaked at 11.4 percent. The rate fell even though preliminary estimates indicated 2,600 fewer jobs in May but 19,200 more jobs than one year ago. The unemployment rate and job creation numbers can move independently of each other because they come from different surveys.

The unemployment rate identifies those who are out of work and seeking employment. A person who exhausts benefits, or is ineligible, still will be reflected in the unemployment rate if they actively seek work.

Historically, the national unemployment rate is lower than the state rate. The state rate has been lower than the national rate only six times since January 2000. This includes periods of economic expansion and contraction.



Seasonally Adjusted Unemployment Rates


​​​

 

May 2014

 

Apr 2014

 

May 2013 *

3-Month Moving Avg.

Illinois

7.5%

7.9%

9.2%

7.9%

U.S.

6.3%

6.3%

7.5%

6.4%

 

 

* Revised

 

 

​​

Illinois Seasonally Adjusted Non-farm Jobs – by Major Industry​

 

 

 

Industry Title

 

 

 

May* 2014

 

 

 

April** 2014

 

 

 

May 2013

Change

Over       Over                               From

the          the                             Previous Month       Year        3-Month        3-Month Change  Change  Moving Avg. Mov. Avg.

Total Nonfarm

5,804,000

5,806,600

5,784,800

-2,600

19,200

5,808,600

-5,000

Mining

9,800

9,700

9,600

​100

200

9,700

0

Construction

194,200

192,100

188,600

2,100

5,600

192,600

-100

Manufacturing

569,100

570,700

580,500

-1,600

-11,400

571,500

-2,200

Trade, Transportation, & Utilities

1,163,800

1,162,200

1,161,500

1,600

2,300

1,160,300

2,300

Information

96,900

97,100

99,400

-200

-2,500

97,400

0

Financial Activities

365,300

366,800

368,100

-1,500

-2,800

366,900

-1,000

Professional and Business Services

888,700

895,000

882,100

-6,300

6,600

896,400

-5,600

Educational and Health Services

882,300

879,600

874,400

2,700

7,900

880,500

1,100

Leisure and Hospitality

550,500

550,300

545,000

200

5,500

550,800

800

Other Services

249,900

252,400

249,500

-2,500

400

251,000

-1,100

Government

833,500

830,700

826,100

2,800

7,400

831,400

800

 

 

*Preliminary

 

 

 

 

 

 

 

**Final

 

 

 

 

 

 



Notes:

​• Illinois monthly labor force, unemployed and unemployment rates for years 2009-2013 have been revised as required by the
U.S. Bureau of Labor Statistics. In February of each year, monthly labor force data for all states are revised to reflect updated sum-of-states controls, Census population controls, seasonal factors, non-farm jobs and unemployment insurance
claims inputs. Data were also smoothed to eliminate large monthly changes as a result of volatility in the monthly household
(CPS) survey. Comments and tables distributed in prior Illinois unemployment rate news release materials should be discarded because any analysis, including records, previously cited might no longer be valid.
Seasonally adjusted employment data for subsectors within industries are not available.  For not seasonally adjusted jobs data with greater industry detail, go to http://www.ides.illinois.gov/LMI/CurrentEmploymentStatistics/I_SA_CES_Illinois_Jobs_2000_to_Current.xls           “Other Services” includes a wide range of activities in three broad categories: Personal and laundry; repair and maintenance; and religious, grant making, civic and professional organizations.
Monthly seasonally adjusted unemployment rates for Illinois and the Chicago-Naperville-Joliet Metropolitan Division are available at: http://www.ides.illinois.gov/LMI/Pages/Illinois_Chicago_Metropolitan_Area_Unemployment_Rates.aspx