PEORIA, Ill. — A recent report from Bradley University showed the Peoria metropolitan area saw general business and economic growth in the third quarter of 2019.
The Composite Index for the Peoria-Pekin Metropolitan Statistical Area (MSA) reflects the local business and economic activity on a seasonally adjusted basis, with an Index score of 100 corresponding to local business conditions in the first quarter of 2010. The third quarter of the year was computed at 103.1. The report covers Peoria, Tazewell, Woodford, Stark, and Marshall counties.
The seasonally adjusted number of working Peoria-Pekin MSA residents rose 0.5% from the previous quarter to 172,316, resulting in a 0.6% growth in the number of working residents from the year before. This growth helped reduce the local unemployment rate in the third quarter to 4.6%, 0.6 percentage points below the previous quarter, and 0.5 percentage points below the year earlier’s unemployment rate.
However, the third quarter increase in the number of area residents working coincides with a 0.5% decrease in the total jobs on area employer payrolls during the quarter. This is a decline that returned the total number of area jobs to year-earlier levels. The decline in the total number of jobs is consistent with a third-quarter increase in full-time jobs, and away from part-time jobs.
Faculty and staff of the Departments of Economics, and of Management and Leadership in the Foster College of Business at Bradley University review over 30 business indicators in the preparation of the quarterly assessments.