Nation gains 227K jobs as Illinois loses 3.4K in November
Job growth was healthy across the nation in November with a gain of 227,000. Illinois’ metropolitan areas lost 3,400, with Peoria losing at the fastest rate.
Illinois’ metropolitan areas lost 3,400 jobs in November, which was especially painful because the nation gained 227,000, according to the U.S. Bureau of Labor Statistics.
Twelve of the state’s 15 metro areas either lost or failed to gain jobs from mid-October to mid-November. Peoria lost the fastest with 500 jobs for a 0.29% loss. Kankakee and Springfield also took heavy hits.
The Decatur metro area saw the largest percent increase in non-farm employment, growing 0.21% and adding 100 jobs. Rockford and Champaign-Urbana were the only other metros that saw any increase in total jobs.
The Chicago metro area suffered a drop of 2,800 jobs, a 0.07% decrease.
Most Illinois metro areas face unemployment rates above the national average of 4%. The statewide average was 5.3%, growing from 4.7% statewide a year earlier.
Danville’s unemployment rate was highest at 5.9%. The Chicago area saw unemployment at 5%, ranking fifth highest among the 35 largest metropolitan areas in the country.
Overall, nine Illinois metro areas added jobs between November 2023 and November 2024 with four exceeding the national job growth rate of 1.45%. The Chicago-Naperville-Arlington Heights metro division lost 3,800 jobs, meaning a net loss of 0.1% percent.
The Chicago-Naperville-Arlington Heights metropolitan area saw 19,100 jobs disappear. The private education and health job sector along with government sectors saw gains, but professional and business services saw large declines.
Illinois job market is slow thanks to a large exodus of skilled workers, but high tax rates are the top reason those workers are leaving. Illinois’ state and local tax burden is among the highest in the Midwest, it levies the second-highest state corporate income tax in the nation and the state’s tax code is among the least friendly for businesses in the Midwest.
Recent income tax hikes have already fostered an environment in Illinois that makes it harder for Illinoisans to find work and reduces wage growth prospects for those who are employed. Rising income and property taxes have made housing less affordable in Illinois and reduced returns on housing investment relative to other states.
Illinois has many advantages including its central location and diverse economy. Its problems are self-inflicted. To grow, the state must focus on strengthening its fiscal position, removing regulatory burdens, and providing real tax relief both to workers who are already finding it difficult to remain and to job creators who are desperately trying to stay.