Local Employment Trends February 2016
Last week, the Illinois Department of Employment Security (IDES) released preliminary February 2016 data on unemployment rates for municipalities across the state based on the current population survey (or “household survey”). The following brief summarizes this data, as well as IDES’ job estimates by industry based on the Current Employment Statistics Program (or “employer survey”). Data reflects recent revisions*.
- Chicago’s labor force expanded (+24,319) from 1,354,560 in February 2015 to 1,378,879 in February 2016, suggesting that more residents are actively looking for work.
- The number of employed Chicago (city) residents increased by 19,427 compared to the year prior, from 1,260,771 in February 2015 to an estimated 1,280,198 in February 2016.
- Unemployed Chicago (city) residents increased by 4,892 compared to the year prior from 93,789 to an estimated 98,681 in February 2016.
- The increase in the number of employed residents was not enough to offset the increase in the labor force, resulting in a preliminary unemployment rate of 7.2 percent before seasonal adjustment in the city of Chicago. This is an increase from the February 2015 rate of 6.9 percent.
- These most recent figures for Chicago (city) mirror the national trend: the number of employed residents and the labor force grew in February 2016, but the unemployment rate also increased slightly.
According to payroll job estimates from IDES, the Chicago (city) economy has expanded by an estimated 15,077 private jobs since February 2015, mostly attributed to leisure and hospitality (+5,751), educational and health services (+4,513) and retail trade (+2,626) industries.
The table below compares year-over-year change in job estimates by industry for the city of Chicago. Data is not seasonally adjusted.
Chaired by Mayor Rahm Emanuel, World Business Chicago is the public-private partnership leading the Plan for Economic Growth and Jobs in order to drive business development, cultivate talent, and put Chicago at the forefront of the global economy.
WBC’s “Economic Briefs” track indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including unemployment, population, venture capital, job openings and new hires, home sales, tourism, etc. This data provides a clear analytic framework for specific Plan strategies and initiatives. For a summary of these and other economic indicators, refer to WBC’s monthly Chicago By The Numbers.
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