Illinois adds 30,000 Jobs in October

Staff Writer
Aledo Times Record

Illinois added +30,000 jobs in October and the unemployment rate inched up to 10.1 percent, according to data released today by the U.S. Bureau of Labor Statistics and the Illinois Department of Employment Security (IDES). The data is seasonally adjusted.

A simultaneous increase in jobs and the unemployment rate could suggest that more residents feel optimistic about finding work. As that optimism grows, more people re-energize their job search, which is reflected in a higher unemployment rate. Historically, the unemployment rate tends to creep upward at this time of year as weather conditions limit work opportunities. Also, individuals who were not looking for work, and therefore not counted in the unemployment rate, traditionally re-enter the workforce to seek temporary employment.

“Illinois’ economy adding 30,000 jobs is encouraging during this challenging period of economic recovery,” IDES Director Jay Rowell said. “Consumer confidence is critical to a growing economy, and a growing economy creates jobs.”

The three-month moving average of job creation is +10,500. The average is considered a stronger gauge of economic activity because its longer scope lessens the impact of spikes and dives attributable to one-time employment events. It also smoothes data volatility.

Illinois has added +64,800 jobs so far this year and +108,100 jobs since January 2010 when job growth returned to Illinois after 23 consecutive months of declines. That represents 1.9 percent job growth compared to the nation’s 1.8 percent. Since January 2010, leading growth sectors in Illinois are Professional and Business Services (+49,600); Educational and Health Services (+38,600); Trade, Transportation and Utilities (+23,500); and Manufacturing (+17,800).

In October 2011, unemployed individuals increased +5,700 (0.9 percent) to 668,800 compared to September. Total unemployed has declined -71,300 (-9.6 percent) since January 2010 when the state unemployment rate peaked at 11.2 percent. 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.

The IDES supports economic stability by administering unemployment benefits, collecting business contributions to fund those benefits, connecting employers with qualified job seekers, and providing economic information to assist career planning and economic development. It does so through nearly 60 offices, including Illinois workNet centers.