Gov. J.B. Pritzker added $650 million in taxes and fee hikes for small businesses in his last budget. Voters will decide Nov. 8 if Illinois’ business climate will get tougher, yet, through Amendment 1.
Illinois’ employment recovery continued in June, but the state is still missing one in seven jobs lost during the pandemic.
Wages have failed to keep up with inflation, dropping Illinoisans’ purchasing power by $2,900 on average.
Illinois is one of the states with the most to gain from the continued national jobs recovery, but could be hit harder than other states by a recession.
Despite a full year of job gains, all Illinois metropolitan areas are missing jobs since the pandemic began and the recovery stalled. While May brought job gains statewide, only eight metro areas saw gains while seven saw losses.
Illinois’ employment recovery continued in May, but the state is still missing nearly one in six jobs lost during the pandemic.
U.S. Steel is cutting up to 1,000 jobs and selling parts of its Granite City plant. The move comes as Madison County employment remains down over 5,600 jobs since the pandemic.
"Inflation has definitely been our biggest challenge for the last 18 months or so. Prices have been going up on everything."
Minimum wages for Chicago and Cook County are increasing July 1. Inflation has rapidly outpaced wage growth, cutting the average Illinoisan’s pay by $2,200.
"The high taxes here hurt lower- and middle-income families and small businesses.”
Illinois gas station owners lost their legal fight over the requirement to advertise the delay in Gov. J.B. Pritzker’s annual gas tax hike. Stations now will post the mandated signs July 1, but are also telling drivers how much state leaders raised the gas taxes.
A tough economy and an Illinois Policy Institute report has Oak Lawn considering waiving business license renewal fees for a year. Giving up $600,000 in fees is expected to attract new businesses and help older ones.
Hedge-fund firm Citadel is moving its headquarters to Miami. Citadel CEO Ken Griffin said many employees have asked to move out of Illinois.
The Chicago City Council Finance Committee voted 16-15 to repeal Mayor Lori Lightfoot’s policy issuing $35 tickets to motorists going 6 mph over the speed limit. The decision now heads to the full council for a vote June 22.