Unemployment, economic concerns rise in Chicago and statewide

(The Center Square) – Illinois has rising unemployment and poor credit ratings.

Gov. J.B. Pritzker told the AFL-CIO that Illinois is the most labor-friendly state in the union.

“We invested in education. As a result, in the Midwest we are No. 1 one for workforce development in the entire center of the country,” Pritzker said.

Illinois had a June unemployment rate of 5%, which is higher than any of the states bordering the Land of Lincoln.

Missouri and Indiana had rates under 4%. Iowa and Wisconsin were under 3%.

Bryce Hill, senior director of fiscal and economic research at the Illinois Policy Institute, said the numbers are concerning. Hill also said the state’s credit rating remains perilously low.

“Compared to other states, Illinois’s credit rating is dead last in the nation,” Hill said.

Hill added that Illinois’ credit rating has improved in recent years, thanks in part to billions of dollars in federal aid.

Chicago sits in last place when it comes to unemployment.

The city’s unemployment rate in June was 5%, which is the highest rate recorded for the city since October of 2021.

The national rate for June was 4.1%, which is also higher than it’s been since 2021.

Hill said Chicago’s seasonally-adjusted rate is extremely concerning, even if it is not historically high.

“Of the 50 largest metro areas in the United States, Chicago has the highest unemployment rate,” Hill said.

Hill said the market for employment has been stagnant.

“The state of Illinois’ job growth has been sluggish. Chicago specifically has added virtually no jobs over the last twelve months. Only 500 additional jobs have come in,” Hill said.

California and Nevada are the only states in the nation with higher unemployment rates than Illinois.