IDES Announces New Record Low Unemployment In IL

By Benjamin Cox on January 24, 2020 at 3:01pm

Illinois’ unemployment has hit a new historic low. The Department of Employment Security today announced that the unemployment rate fell one tenth of a percentage point to 3.7 percent, while non-farm payrolls added 8,000 jobs in December, based on preliminary data provided by the U.S. Bureau of Labor Statistics.

The state’s unemployment rate is two-tenths of a percentage point higher than the national average rate reported for December, which was 3.5%, unchanged from the month of November. Illinois payroll employment has shown variability since the beginning of the year, as have national payrolls. Average payroll employment in Illinois during the October to December three-month period, which provides a more stable measure of payroll employment change, was up 900 jobs, compared to the September to November three-month period.

The number of unemployed workers decreased from the prior month, down 2.4 percent to 240,100, a new record low, and was down 13.2 percent over the same month for the prior year. The labor force was down 3 tenths of a percent over-the-month but up one tenth of a percent over-the-year. The unemployment rate identifies those individuals who are out of work and seeking employment.

Unemployment rates broken down by county will be available next week.