The worst years of the Great Recession are in the rear view. But if the latest gloomy fiscal forecast is any indication, Illinois' persistent policy mistakes will drag down its economic performance well into the future.
In February 2017 Illinois surpassed its previous jobs peak from September 2000. However, long-term problems could potentially hamstring further jobs growth if left unaddressed.
New data from the Bureau of Labor Statistics show Illinois’ professional and business services sector has fared better than the state’s manufacturing industry, which recorded 800 job losses in September.
Moline, Ill.-based agricultural equipment maker will cut more than 100 jobs by September; Illinois’ manufacturing workers continue to struggle for job opportunities enjoyed by their counterparts in the region.
Though neighboring and Great Lakes states added a combined 200 factory jobs per workday on net in 2015, an average of 56 Illinois manufacturing workers, on net, received pink slips each workday during the same time.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.