Illinois loses 3,200 payroll jobs, another business exits the state
Illinois lost 3,200 payroll jobs in March, and the state’s unemployment rate ticked down to 8.4 percent from 8.7 percent, according to the Bureau of Labor Statistics. Illinois’ month-over-month change in payroll jobs was the third-worst nationally. Only Pennsylvania and Virginia lost more jobs. This news comes fresh on the heels of the announcement by...
Illinois’ month-over-month change in payroll jobs was the third-worst nationally. Only Pennsylvania and Virginia lost more jobs.
This news comes fresh on the heels of the announcement by Cosi Inc. that the company will move its headquarters from Deerfield, Ill., to Boston.
Cosi’s departure reminds lawmakers yet again that Illinois is not a business friendly state. Illinois’ sluggish payroll job growth is a result of poor conditions within the state and business relocation from Illinois to other states.
In fact, since the Great Recession began, Illinois has lost more payroll jobs than any other state in the Midwest. And it’s not just because Illinois is the largest state. Illinois’ percentage decline in payroll jobs is the worst in the Midwest.
Illinois remains the only state in the Midwest with a higher jobless rate today than it had when Gov. Pat Quinn took office in 2009.
To spur job growth, Illinois should phase out its state income tax and transition to broad-based consumption taxes. Job-saving reforms to the nation’s fourth most costly workers’ compensation system would incentivize more hiring. And cutting the red tape for small businesses and entrepreneurs will help them grow the new businesses upon which the state’s future relies.