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Afternoon roundup

Thursday, Oct 19, 2023 - Posted by Rich Miller

* IDES

The Illinois Department of Employment Security (IDES) announced today that the unemployment rate increased +0.3 percentage point to 4.4 percent, while nonfarm payrolls increased +9,500 in September to a record high and surpassing the pre-pandemic number of total nonfarm payrolls, based on preliminary data provided by the U.S. Bureau of Labor Statistics (BLS) and released by IDES. The August revised unemployment rate was 4.1 percent, unchanged from the preliminary August unemployment rate. The August monthly change in payrolls was revised from the preliminary report, from -100 to +3,800 jobs. The September unemployment rate and payroll jobs estimate reflect activity for the week including the 12th.

In September, the industry sectors with the largest over-the-month job gains included: Trade, Transportation and Utilities (+3,400), Manufacturing (+2,500), and Leisure and Hospitality (+2,100). The industry sectors with monthly payroll job declines included: Professional and Business Services (-2,200), Construction (-300), and Mining (-100). […]

The state’s unemployment rate was +0.6 percentage point higher than the national unemployment rate reported for September. The national unemployment rate was 3.8 percent in September, unchanged from the previous month. The Illinois unemployment rate was down -0.2 percentage point from a year ago when it was at 4.6 percent.

Compared to a year ago, nonfarm payroll jobs increased by +79,400 jobs, with gains across most major industries. The industry groups with the largest jobs increases included: Educational and Health Services (+36,900), Government (+29,900), and Leisure and Hospitality (+27,300). Professional and Business Services (-20,300), Manufacturing (-7,200), and Information (-4,900) reported the largest declines in payroll jobs. In September, total nonfarm payrolls were up +1.3 percent over-the-year in Illinois and up +2.1 percent in the nation.

The number of unemployed workers was 282,500, up +6.1 percent from the prior month, and down -4.7 percent over the same month one year ago. The labor force was almost unchanged (0.0 percent) over-the-month and down -0.1 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.

* Press release…

Illinois Secretary of State Alexi Giannoulias signed an Executive Order today to expand the office’s parental leave policy – from four weeks to twelve weeks – which takes place immediately.

Since taking office in January, Giannoulias has worked closely with staff and various unions representing Secretary of State employees to strengthen the office’s paid parental leave.

Under the new policy, employees will also have more flexibility with the ability to use their time off intermittently in five-day increments for one year after the child becomes part of their family. It applies to those employees growing their family by birth or adoption.

“No working parent should have to choose between paying their bills and the time necessary to bond with their new child and family,” said Giannoulias, the father of three young daughters. “Allowing just four weeks of time off following the birth of a child is not only woefully insufficient, but criminal.”

“By signing this order, we’re making a positive impact for working Illinoisans across our state that will result in healthier and more financially stable families,” he added. “It will also create a more effective workplace and position the office to become more competitive when attracting and retaining a talented workforce.”

Overhauling the office’s antiquated parental leave policy aligns with Giannoulias’ goals of reducing disparities in maternal and infant health-related issues and addressing gender and racial inequity in accessing quality, good-paying jobs.

Under the new policy, as well as through recently enacted union agreements, all of the approximately 4,100 Secretary of State employees will receive up to twelve weeks of paid parental leave regardless of whether they are the birthing or non-birthing parent, who under the previous policy were only given two weeks of paid time off.

* Press release…

The State Treasurer’s Office made nearly $118 million in investment earnings from the state investment portfolio in September, Illinois Treasurer Michael Frerichs announced today.

Another $86.7 million in gross investment earnings was earned for cities, villages, school districts, counties and other units of government that take part in the highly rated Illinois Funds local government investment pool operated by the State Treasurer’s Office.

“Every dollar we make through smart, safe investing is a dollar that does not need to be raised in taxes,” Treasurer Frerichs said. “The Treasurer’s Office is part of the solution in Illinois.”

Treasurer Frerichs is the state’s Chief Investment and Banking Officer. He is responsible for the state investment portfolio and an investment pool for units of local government called Illinois Funds.

Key monthly metrics and more are available in The Vault, the transparency website that allows Illinois residents to see how the State Treasurer’s Office is working for them. The site is at iltreasurervault.com.

* Bloomberg forced to report some positive news

Chicago earned an upgrade from Fitch Ratings Thursday thanks to the city’s improving economy and declining long-term debt burden.

Fitch boosted the rating of the third-largest U.S. city one notch to BBB+ from BBB, with a stable outlook. The upgrade comes less than a year after the city shed its lone junk rating from Moody’s Investors Service last November.

And no mention of the dead transaction tax.

* Banning 1984 is pretty darned Orwellian…


* Sigh…


* Isabel’s roundup…

       

12 Comments
  1. - Lurker - Thursday, Oct 19, 23 @ 2:37 pm:

    Mattos needs to open on the west side. Really good pizza, wings, beer, etc at reasonable prices but that location and parking were terrible. I also loved the servers and the personality of the place.


  2. - The Truth - Thursday, Oct 19, 23 @ 2:47 pm:

    Kim Reynolds looks really, really excited about banning books.


  3. - Candy Dogood - Thursday, Oct 19, 23 @ 2:55 pm:

    I’m sure George Orwell would appreciate fascists banning his books. That seems like exactly the sort of thing he’d expect to happen.


  4. - Rudy’s teeth - Thursday, Oct 19, 23 @ 3:08 pm:

    Not surprised at the dismal news regarding toxic pollution from NW Indiana steel mills.

    As Mike Pence served in Congress from 2001-2013, he did nothing to address this crisis in his home state of Indiana. As Governor of Indiana from 2013-2017, Pence did nothing to address and protect the environment and citizens in Indiana.

    Then Pence served as VP for the multi indicted former president from 2017-2010.

    Might be time for Pence to sit on the porch.


  5. - Rudy’s teeth - Thursday, Oct 19, 23 @ 3:10 pm:

    Excuse typo—2017-2020.


  6. - Stuck in Celliniland - Thursday, Oct 19, 23 @ 3:11 pm:

    ==Matto: Pies & Pours closed Monday, nine months after opening on Springfield’s south side==

    Bring back Bellacino’s (they used to be at Matto’s now-former site for 11 years).


  7. - Henry Francis - Thursday, Oct 19, 23 @ 3:38 pm:

    The book banners will be going after Fahrenheit 451 next.


  8. - Jibba - Thursday, Oct 19, 23 @ 3:58 pm:

    While we’re at it, let’s get rid of right-wing darling Ayn Rand as well…Atlas Shrugged has a little sex and a lot of loving for free-market capitalism.


  9. - Frank Manzo IV - Thursday, Oct 19, 23 @ 5:03 pm:

    Two points about today’s IDES release.

    1. While nonfarm payrolls reached a record high in September, private industry employment had already surpassed pre-pandemic levels earlier this year in April 2023. Nonfarm employment includes private sector and government employment, and government has been the laggard. It is still down from its pre-pandemic number: It was 835,400 jobs in January 2020 and it is a preliminary 821,000 in the September 2023 report (-14,400). Many of these are due to unfilled positions.

    2. Speaking of unfilled positions, the Bureau of Labor Statistics reported yesterday that Illinois had the largest increase in job openings in August 2023 (+61,000). With 410,000 opportunities, there are still nearly 1.5 job openings for every one unemployed person in Illinois.

    https://www.bls.gov/news.release/jltst.nr0.htm


  10. - Rabid - Thursday, Oct 19, 23 @ 5:37 pm:

    There’s a lot of sex in the Bible and Greek mythology too


  11. - NoMoreMC - Thursday, Oct 19, 23 @ 8:59 pm:

    I agree on Mattos. I hope they find a new location and reopen. Food and service were great! That location is horrible. The car rental place nextdoor eats up all the parking making it a pain to eat in. We like Rosatis as well when it was there, but same parking issue.


  12. - sex - Friday, Oct 20, 23 @ 11:18 am:

    wonderful issues altogether, you simply gained a new reader.

    What may you suggest in regards to your post that you simply made
    some days in the past? Any positive?


Sorry, comments for this post are now closed.


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