December 1, 2011 - SHELBYVILLE, Illinois — As per the U.S. Bureau of Labor Statistics and the Illinois Department of Employment Security (IDES), unemployment figures continue to rise for the state over the past two months in spite of adding more than 30,000 jobs in October.
The October rate is 10.1 percent. The U.S. rate in September was 9.1 percent and dropped to 9.0 percent in October. Illinois unemployment statistics shows an increase over the past two months since the August 2011 rate of 9.9 percent.
A simultaneous increase in jobs and the unemployment rate could suggest that more residents feel optimistic about finding work. As that optimism grows, more people re-energize their job search, which is reflected in a higher unemployment rate. Historically, the unemployment rate tends to creep upward at this time of year as weather conditions limit work opportunities. Also, individuals who were not looking for work, and therefore not counted in the unemployment rate, traditionally re-enter the workforce to seek temporary employment.
In October 2011, unemployed individuals increased +5,700 (0.9 percent) to 668,800 compared to September. Total unemployed has declined -71,300 (-9.6 percent) since January 2010 when the state unemployment rate peaked at 11.2 percent. The unemployment rate identifies those who are out of work and seeking employment. A person who exhausts benefits, or is ineligible, still will be reflected in the unemployment rate if they actively seek work.
Post a Comment