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The labor market’s recovery is showing fresh signs of losing momentum as persistently elevated applications for unemployment benefits show layoffs remain historically high despite summer hiring.
Weekly initial claims for jobless benefits fell by 33,000 to a seasonally adjusted 860,000 in the week ended Sept. 12, the Labor Department said Thursday. The number of people collecting unemployment benefits through regular state programs, which cover most workers, decreased by 916,000 to about 12.6 million for the week ended Sept. 5.
The coronavirus pandemic and related shutdowns caused both unemployment applications and payments to rise to the highest levels on record back to the 1960s this spring.
After sharply falling later in the spring and early summer, new applications have largely held steady since early August. The declining number of people receiving state benefits likely reflects that workers are finding new jobs, or are being recalled to old ones. But it also shows some workers who applied for benefits in March have hit the six-month limit set in many states.
* CBS 2…
The U.S. Department of Labor estimates 23,339 new unemployment claims were filed during the week of Sept. 7 in Illinois, according to the DOL’s weekly claims report released Thursday. […]
The Illinois Department of Employment Security reported 25,478 new unemployment claims were filed during the week of August 24 in Illinois.
IDES reported 22,406 new unemployment claims were filed during the week of August 10 in Illinois.
*** UPDATE *** IDES…
The Illinois Department of Employment Security (IDES) announced today that the unemployment rate fell -0.5 percentage points to 11.0 percent, while nonfarm payrolls added +66,000 jobs in August, based on preliminary data provided by the U.S. Bureau of Labor Statistics (BLS) and released by IDES. The July monthly change in payrolls was revised upward from the preliminary report, from +93,200 to +105,000 jobs. The July unemployment rate was revised upward from the preliminary report, from 11.3 percent to 11.5 percent.
The August payroll jobs estimate and unemployment rate reflects activity for the week including the 12th. The BLS has published FAQs for the August payroll jobs and the unemployment rate.
The state’s unemployment rate was +2.6 percentage points higher than the national unemployment rate reported for August, which was 8.4 percent, down -1.8 percentage points from the previous month. The Illinois unemployment rate was up +7.2 percentage points from a year ago when it was 3.8 percent.
The number of unemployed workers declined from the prior month, a -2.9 percent decrease to 695,000 but was up +182.6 percent over the same month for the prior year. The labor force was up +1.6 percent over-the-month and down -1.5 percent over-the-year. Confidence in the Illinois economy has grown in recent months. From January 2020 to April 2020, the Illinois labor force declined -4.6% (-294,000 individuals) and, yet, from April 2020 to August 2020, the labor force has rebounded 3.6% (nearly 224,000 individuals).
In August, the three industry sectors with the largest over-the-month gains in employment were: Leisure and Hospitality (+16,400), Government (+15,900), and Professional and Business Services (+9,900). Only one industry sector reported a payroll decline: Information (-1,400).
“As the unemployment rate steadily declines and confidence in the economy increases as more people return to the workforce, IDES remains committed to assisting those individuals still impacted by this pandemic and in need of unemployment services,” said Acting Director Kristin Richards. “In addition to providing unemployment benefits, the Department is also prepared to assist individuals with job training and matching workers with hiring employers to help as many Illinoisans as possible return to work to provide for their families and basic needs.”
“While it’s encouraging to see a continued month over month decline in Illinois’ unemployment rate, there remains much to do to bring more Illinoisans safely back to work and to rebuild our economy,” said Erin Guthrie, Director of the Department of Commerce and Economic Opportunity (DCEO). “That’s why the Pritzker administration continues to prioritize critical investments that support our hardest hit communities and small businesses, like our recent $220 million expansion of the Business Interruption Grants (BIG) program, and hundreds of millions in additional ongoing assistance for our communities and our community employers. These investments will help stabilize our small businesses, enable our economy to continue to safely reopen, return more Illinoisans to work, and provide our economy the boost it needs.”
Compared to a year ago, nonfarm payroll employment decreased by -428,700 jobs, with losses across all major industries. The industry groups with the largest jobs decreases were: Leisure and Hospitality (-143,700), Professional and Business Services (-72,500) and Trade, Transportation, and Utilities (-53,400). Illinois nonfarm payrolls were down -7.0 percent over-the-year as compared to the nation’s -6.8 percent over-the-year decline in August.
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.
posted by Rich Miller
Thursday, Sep 17, 20 @ 11:10 am
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Previous Post: *** UPDATED x1 *** Will and Kankakee counties may be on track to lift mitigation measures
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watch for it to much higher as construction will slow down due to the price of lumber doubling in price
Comment by billy boy Thursday, Sep 17, 20 @ 11:26 am
As hospitality patios and construction sites close down with the change of seasons, I don’t foresee the unemployment numbers doing anything but getting worse.
– MrJM
Comment by @misterjayem Thursday, Sep 17, 20 @ 12:37 pm