Illinois unemployment dropped, nonfarm payrolls increased in October

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A help wanted sign is displayed at a gas station in Mount Prospect, Ill., Tuesday, July 27, 2021. The number of Americans applying for unemployment benefits fell last week by 14,000 to 385,000, Thursday, Aug. 5, more evidence that the economy and the job market are rebounding briskly from the coronavirus recession.(AP Photo/Nam Y. Huh)

SPRINGFIELD, Ill. (WMBD) — Unemployment in the state is falling, according to the latest update from the Illinois Department of Employment Security (IDES).

Preliminary data from the U.S. Bureau of Labor Statistics (BLS) showed the unemployment rate dropped 0.2 percentage points to 6.0 percent, while nonfarm payrolls increased by 40,900 in October.

In October, the three industry sectors with the largest over-the-month gains in employment for the month are listed below:

  • Professional and Business Services (+17,700)
  • Leisure and Hospitality (+8,400)
  • Trade, Transportation, and Utilities (+7,700)

The industry sectors that reported the monthly payroll declines were:

  • Information (-1,500)
  • Educational and Health Services (-500)

“Today’s data are positive markers indicating a continued recovery to our economy and labor market,” said Deputy Governor Andy Manar. “IDES continues to work with employers and jobseekers to assist matching businesses with those looking to reenter the workforce or make career changes.  Both employers and jobseekers are encouraged to take advantage of Get Hired Illinois to search for available jobs and workers in their area.”

Seasonally adjusted unemployment rates can be viewed below:

The report showed nonfarm payroll employment grew by 190,300 jobs, with gains across almost every major industry compared to 2020 numbers.

The industry groups with the largest jobs increases were:

  • Leisure and Hospitality (+60,800)
  • Professional and Business Services (+50,000)
  • Trade, Transportation, and Utilities (+37,200)

Financial Activities was the only industry group that reported jobs losses (-5,200). Total nonfarm payrolls in October rose 3.4 percent over the year in Illinois and 4.1 percent across the U.S.

There were fewer unemployed workers in October, a 3.4 percent decrease to 370,400, and was down 27.7 percent over the same month in 2020. The labor force rose 0.1 percent over the month and fell 1.6 percent over the year.

To clarify, IDES calculates the unemployment rate by identifying individuals who are out of work and seeking employment. Someone who exhausts or is ineligible for benefits is still counted in the unemployment rate so long as they actively seek work.

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