Illinois' unemployment rate declined again in May
The Illinois unemployment rate fell by 0.1 percentage points in May, registering at a 12-year low of 4.3 percent, according to the Illinois Department of Employment Security (IDES).
In addition, data shows that non-farm jobs increased by 8,600 during May, based on preliminary data provided by the U.S. Bureau of Labor Statistics (BLS). During the three-month period from March to May, job growth largely stabilized across the state, posting average monthly gains of 4,600 jobs or roughly the same showing as the six-month average monthly gain of 4,500 jobs from December 2017 to May 2018.
“Through the first five months of the year, jobs are growing faster than each of the past two years,” Jeff Mays, director IDES, said in a press release. “More than half of the year-to-date gain of nearly 28,000 jobs is coming from those sectors with higher-than-average wages.”
In the four years since Gov. Bruce Rauner took over in Springfield, Illinois Department of Commerce Director Sean McCarthy said at least 192,700 jobs have been created across the state and the unemployment rate has fallen 1.7 points.
“We’re seeing increases in job creation, retention and investment due to the implementation of a pro-business climate,” McCarthy added in the release. “Our work certainly continues as we look to build upon these results to generate opportunity and success for all Illinoisans.”
During May, data shows that the three industry sectors with the largest gains in employment were education and health services (3,500), government (2,600) and financial activities (2,100).
Illinois’ unemployment rate now stands just 0.5 percentage points higher than the national average of 3.8 percent. Compared to 2017, the state’s unemployment rate is down 0.6 percentage points from 4.9 percent at this time last year.