Chicago Unemployment Rate

Chicago Unemployment Rate Chicago Unemployment Rate Chicago Unemployment Rate Chicago is the commercial and economic capital of the Midwest. Much like the rest of this region of the country, it struggled at the onset of the recession, but has since begun to see its unemployment rate decrease. Unemployment in Chicago Prior to the Great Recession, the Chicago unemployment rate hovered around five percent, below the national average, according to the Bureau of Labor Statistics (BLS.) However, this rate ballooned to almost 13 percent during the height of the recession. In 2014, Chicagos unemployment rate made a drastic turnaround. In February 2014, the rate hovered at nine percent. More recently, in May, 2015, Chicagos unemployment was around the six percent mark. Recovery from the 2008 Recession Chicagos recovery from the recession was sluggish in comparison to the rest of the country, although the city has recovered far more dramatically in the past year in comparison with the US unemployment rate. The Illinois state government played a large role in this drop. With debt obligations totaling more than $127 billion, Illinois continued to pay unemployment benefits longer than other states. With 29 Fortune 500 companies in the greater Chicago area, unemployment continues to fall. Another challenge for Chicago is the ability to find skilled workers in emerging markets such as high-tech industries. The problem is unique to Chicago, as it still is home to many of the best schools in the country. The city must compete with other tech-focused cities such as Boston and New York for top IT talent. The lack of skilled workers is starting to fall, however, as the city ranks 37th in education according to recent Forbes rankings. Thriving Industries in Chicago The citys location on Lake Michigan makes it a prime hub for distribution of goods and transportation of goods and travelers. It is the third largest economy in the country and the ninth largest in the world. Publishing, insurance, financial services, technology, and tourism are also major industries in Chicago that began the citys recovery from the recession. In addition, the Chicago Mercantile Exchange provides a major trading forum for futures and commodities. The construction industry has also recovered, especially in the downtown area, with many high-rise commercial and residential buildings planned for the near future. Other high-demand jobs in the area include information technology, sales, and surprisingly, manufacturing, which unlike the rest of the Rust Belt, continued to thrive in Chicago amidst the Great Recession. The sheer number of people in the city also provide a booming healthcare system, as Baby Boomers continue to age and require more intensive medical attention. Recent Commercial Successes Chicago, like other Midwestern cities such as Saint Louis, enjoys a status as a startup company incubator, but on a far greater scale. Many of these companies are part of the high-tech industry, betting on the increased need for networking and software solutions for major area companies. Other high-tech businesses produce apps for smartphones or other gaming systems and video games. Industries in Recession The recession caused many people who lived in the city to look for more affordable housing in the surrounding suburbs. While this didnt cause a huge fluctuation in the workforce, it did make local businesses suffer. Thus, the retail and dining industries felt the hit, while white-collar industries were less impacted by the exodus out of the city. Current Chicago Rankings According to recent Forbes rankings, Chicago is 107th on the list as the best place to do business in the country. This somewhat influences the job growth rate, which currently stands at 1.5 percent. Projected job growth annually for the next ten years is 1.5 percent as well, while the high-tech sectors make up 4.7 percent of the workforce. Another economic aspect that plagues the city is a high cost of living, which makes it the 155th city in the cost of doing business. The lack of skilled workers is starting to fall, however, as the city ranks 37th in education. A key measure of labor supply, the unemployment rate is defined as the percentage of the total labor force that is unemployed but actively seeking employment and willing to work. Use the links below to see unemployment trends from the 28 major metropolitan markets: Atlanta Detroit New York City San Francisco Boston Houston Philadelphia Seattle Chicago Los Angeles Pittsburgh Washington, D.C. Dallas Related Resources Post a Job: Chicago