Illinois’ job opening rate declined 1.5 percentage points in May. That’s not a good way to enter a potential recession.
Politicians and pundits can’t seem to agree about whether the U.S. is in a recession, but the semantics matter little for struggling Americans. Illinois can expect economic pain regardless of what it’s called.
Illinois is one of the states with the most to gain from the continued national jobs recovery, but could be hit harder than other states by a recession.
Illinois is already behind the national pandemic recovery. As the risk of recession increases, Illinoisans could fall farther behind.
Job losses peaked in April 2020 amid COVID-19 and state-mandated shutdowns. In the year-long recovery since, Illinois’ has been among the nation’s slowest.
While total payrolls were up 300, private sector jobs took a beating in April and lost 4,000 positions. Illinois’ labor market completely stalled as the national economic recovery slowed.
Illinois’ unemployment rate remains the highest in the Midwest despite March jobs growth. Unemployment is high across the state compared to the region.
The pandemic has affected everyone, but the economic fallout has been especially devastating for specific groups. In addition to retailers, restaurant owners and other small business owners, women, working mothers and Black Illinoisans suffered the worst in terms of job losses.
The industry had been one of the bright spots in the Illinois economy but COVID-19 and state-mandated mitigation efforts have decimated it.
The record year for job losses hit every corner of Illinois amid COVID-19 and state-mandated lockdowns.