Illinois’ metro areas added 11,300 jobs in February, while only one metro area lost jobs over the month. Despite strong employment growth from metro areas in February, Illinois is still far behind U.S. growth over the last 12 months.
Combined jobs growth was slightly positive across Illinois’ metro areas in January. But only four metro areas have recovered the jobs they lost during the Great Recession.
By fixing cost drivers, decreasing the cost of doing business in Illinois, and easing the tax burden, Illinois can encourage jobs growth and stand a better chance at attracting and retaining younger people.
Indiana’s sharp rise in union members is due to its robust economic growth and increase in manufacturing jobs, while Illinois’ economy continues to lose factories and sees little growth in union members.
Weak jobs numbers across the Midwest reflect the possibility of an oncoming economic slowdown. In fact, it would not be surprising to face a recession in the upcoming months, given that U.S. jobs growth has been weakening, and it has been seven years since the previous recession ended – a long period of expansion by historical norms.
Illinois gained 14,700 payroll jobs on net in March, and compared relatively well with other states in the region for the month, trailing only Ohio in monthly jobs growth. Despite this growth, however, the unemployment rate increased to 6.5 percent. The state also lost 3,100 manufacturing jobs on net.
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.