Kngkyle
July 13th, 2006, 06:35 PM
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Chicago area, Indiana see drop in unemployment
Region's 1.7% year-over-year drop in jobless rate among biggest in nation
BY EMILY UDELL
Medill News Service
This story ran on nwitimes.com on Thursday, June 29, 2006 12:26 AM CDT
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The Chicago metropolitan area experienced the largest decrease in unemployment in the country -- along with the St. Joseph, Mo., area -- according to figures released Wednesday by the federal Bureau of Labor Statistics.
Unemployment in the Chicago region decreased by 1.7 percent over the past year. In May 2006, the jobless rate in the Chicago metropolitan region fell to 4.3 percent from 6 percent a year earlier.
The region includes nine Illinois counties; Lake, Porter, Jasper and Newton counties in Indiana; and Kenosha County in Wisconsin.
The national unemployment rate was 4.6 percent last month, according to the Bureau of Labor Statistics' Web site.
"Across the board, the United States' economy has been doing very well in the past year, and it's been reflected in Chicago as well," said Barry Chiswick, head of the economics department at the University of Illinois-Chicago.
He said the numbers bode well for the area's economic future.
"The Chicago economy is very robust, and there is no reason to believe these improvements will not be sustained," Chiswick said.
Illinois Department of Employment Security labor market economist Richard Kaye said the statistics are indicative of a trend of more people returning to work in a variety of industries.
"At the end of last year and the beginning of this year, losses and gains were concentrated in a few industries," Kaye said. "Now it's clearly evident that job gains are across the board."
"(The labor market) is getting more broadly based, and that's a good indicator," he said.
On a state-by-state basis: Illinois' jobless rate fell to 4.4 percent last month from 5.7 percent in May 2005; Indiana's dropped to 4.8 from 5.1 percent; and Wisconsin's dipped to 4.5 from 4.6 percent the previous year.
The Elkhart-Goshen area was among Indiana's lowest areas of unemployment with a rate of 4.1 percent.
Nationally in May, unemployment had declined for the year in 302 of the 367 metropolitan areas surveyed by the Bureau of Labor Statistics. Forty-four areas experienced an increase in joblessness and 21 areas remained the same.
Chicago area, Indiana see drop in unemployment
Region's 1.7% year-over-year drop in jobless rate among biggest in nation
BY EMILY UDELL
Medill News Service
This story ran on nwitimes.com on Thursday, June 29, 2006 12:26 AM CDT
ADVERTISEMENT
*
The Chicago metropolitan area experienced the largest decrease in unemployment in the country -- along with the St. Joseph, Mo., area -- according to figures released Wednesday by the federal Bureau of Labor Statistics.
Unemployment in the Chicago region decreased by 1.7 percent over the past year. In May 2006, the jobless rate in the Chicago metropolitan region fell to 4.3 percent from 6 percent a year earlier.
The region includes nine Illinois counties; Lake, Porter, Jasper and Newton counties in Indiana; and Kenosha County in Wisconsin.
The national unemployment rate was 4.6 percent last month, according to the Bureau of Labor Statistics' Web site.
"Across the board, the United States' economy has been doing very well in the past year, and it's been reflected in Chicago as well," said Barry Chiswick, head of the economics department at the University of Illinois-Chicago.
He said the numbers bode well for the area's economic future.
"The Chicago economy is very robust, and there is no reason to believe these improvements will not be sustained," Chiswick said.
Illinois Department of Employment Security labor market economist Richard Kaye said the statistics are indicative of a trend of more people returning to work in a variety of industries.
"At the end of last year and the beginning of this year, losses and gains were concentrated in a few industries," Kaye said. "Now it's clearly evident that job gains are across the board."
"(The labor market) is getting more broadly based, and that's a good indicator," he said.
On a state-by-state basis: Illinois' jobless rate fell to 4.4 percent last month from 5.7 percent in May 2005; Indiana's dropped to 4.8 from 5.1 percent; and Wisconsin's dipped to 4.5 from 4.6 percent the previous year.
The Elkhart-Goshen area was among Indiana's lowest areas of unemployment with a rate of 4.1 percent.
Nationally in May, unemployment had declined for the year in 302 of the 367 metropolitan areas surveyed by the Bureau of Labor Statistics. Forty-four areas experienced an increase in joblessness and 21 areas remained the same.