Unemployment Rate Falls to New Historical Low in November

The Illinois Department of Employment Security (IDES) announced today that the unemployment rate fell -0.1 percentage point to 3.8 percent, a new historical low, while nonfarm payrolls lost -17,200 jobs in November, based on preliminary data provided by the U.S. Bureau of Labor Statistics (BLS) and released by IDES. The October monthly change in payrolls was revised from the preliminary report from +1,900 to +8,300 jobs. The state’s unemployment rate is +0.3 percentage points higher than the national unemployment rate reported for November 2019, which was 3.5 percent and down -0.1 percentage point from the previous month. The Illinois unemployment rate was down -0.5 percentage points from a year ago when it was 4.3 percent. Illinois payroll employment has shown variability since the beginning of the year, as have national payrolls. Average payroll employment in Illinois during the September to November three-month period, which provides a more stable measure of payroll employment change, was about unchanged, down -100 jobs, compared to the August to October three-month period. The largest average gains were found in Government (+1,800), Educational and Health Services (+1,700), and Leisure and Hospitality (+1,200). Compared to a year ago, nonfarm payroll employment increased by +40,600 jobs with the largest gains in: Leisure and Hospitality (+18,100), Educational and Health Services (+14,700), and Government (+11,400). The industry sectors with the largest over-the-year declines were: Construction (-4,000), Professional and Business Services (-2,300) and Information (-1,400). Illinois nonfarm payrolls were up +0.7 percent over-the-year as compared to the nation’s +1.5 percent over-the-year gain in November. The number of unemployed workers decreased from the prior month, -2.0 percent to 246,000, a new record low, and was down -10.8 percent over the same month for the prior year. The labor force was down -0.1 percent over-the-month but up +0.4 percent over-the-year. The unemployment rate identifies those individuals who are out of work and seeking employment.An individual who exhausts or is ineligible for benefits is still reflected in the unemployment rate if they actively seek work. IDES maintains the state’s largest job search engine, IllinoisJoblink.com (IJL), to help connect jobseekers to employers who are hiring, which recently showed 61,090 posted resumes with 94,206 jobs available.

 

 

 

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