As a recruiting and staffing agency for Aurora, Crystal Lake, Elgin and Yorkville areas, our team is always monitoring labor market stories and trends to help our clients and employees. Among the key indicators this quarter, we wanted to share some positive local, statewide, and national news from our research.
Locally, according to the Illinois Department of Employment Security, (IDES), Kane County unemployment has improved by 0.4% from 5.7% in February 2022 to 5.3% in April 2022. By comparison, the state of Illinois unemployment rate in April 2022 was 4.4%, so our local area is improving toward the statewide average. Our year-over-year comparison also shows an improvement from 6.1% in April 2021 to the previously stated 5.3% in April 2022.
Nationally, the labor market also showed strong improvements. According to a U.S. News and World Report article titled “Economy Added 390K Jobs in May, Beating Expectations“, the 390,000 new jobs in May 2022 exceeded the forecast of 320,000 in job growth. The article quoted Steve Rick, chief economist at CUNA Mutual Group, as stating, “It is encouraging that May’s jobs report exceeded expectations despite forecasts of a potential recession, poor Q1 GDP growth rate and rampant market volatility.”
“We expect the jobs numbers to remain strong this year and the economy, as measured by the growth in real GDP, to rise by 3% in 2022, above the natural long-run growth rate of 2%. I am hopeful about the coming year, but rising inflation, market turbulence and geopolitical uncertainty remain a threat to the stability of the job market,” Rick added.
As more evidence that our local labor market is trending in a positive direction, we gathered more data from statewide sources. According to the IDES website, “Not only does the unemployment rate continue to decline in Illinois, but a growing percentage of Illinoisans are participating in the workforce,” said Department of Commerce and Economic Opportunity (DCEO) Director Sylvia I. Garcia. “As job numbers in key industries such as manufacturing and hospitality continue to increase, DCEO continues to focus on an equitable recovery with workforce development programs like the Job Training and Economic Development program, announced this week, that focuses on increasing access for underserved and underrepresented communities to good paying careers.”
Diving deeper into the April 2022 numbers, according to IDES, the industry sectors with the largest over-the-month gains in employment were: Leisure and Hospitality (+7,300), Manufacturing (+5,700), and Educational and Health Services (+3,500). The industry sectors that reported the largest monthly payroll declines were: Professional and Business (-11,100), Financial Activities (-2,200), and Trade, Transportation and Utilities (-1,700).
Lower unemployment rates creates challenges for employers and opportunities for job seekers in our county. If your business needs to find quality workers, increase productivity, lower staffing costs, or streamline your human resource process, we have solutions to fit your business. If you’re searching for a new career opportunity, we invite you to view our current job openings or apply now for employment.