Archive for May, 2009

Chicago Jobs

Sunday, May 31st, 2009

Finding jobs in Chicago became more difficult in April, according to the U.S. Bureau of Labor Statistics. During the month the metro area’s jobless rate climbed 0.6 percent from March’s 9.3 percent jobless rate to 9.9 percent. This is particularly significant when compared to the unemployment rate of the same month in 2008. A year ago only 5.4 percent of the metro area’s resident’s were without work. Crain’s Chicago Business News says that this is the highest unemployment rate the metro area has seen since January of 1984.

According to the Illinois Department of Employment Security (IDES), the city itself, excluding the areas that make up the metro, had an even higher jobless rate in April. During the month 10.6 percent of people were unable to find Chicago jobs. Back in April of last year only 6 percent of residents were unemployed. IDES statistics show that there are now 171,300 fewer people in the area with jobs than there were in 2008.

During the same month, the Illinois jobless rate climbed 0.4 percent from 9.0 percent to 9.4 percent. In April the country’s unemployment rate also climbed 0.4 percent, going from 8.5 percent to 8.9 percent. In the same month, a year ago, only 5.0 percent of the country was without work.

Chicago’s current jobless rate shows that the area is suffering worse from the economic recession than many other areas in the country. Like in many other cities, Chicago’s manufacturing sector has been hit hard. Since many people are out of work, they lack the money purchase as many manufactured goods, which means the companies responsible for making them are having to cut jobs in order to keep their profit margins up. Another industry that is responsible for a lot of the jobs lost in Chicago is the professional and business services sector.

Despite the fact that several sectors are having problems, one area of employment in Chicago continues to be strong. Due to the necessity of many of the services it provides, healthcare jobs remain relatively steady.

Over 100,000 Jobs to Be Lost in Arizona

Friday, May 8th, 2009

During the month of March Arizona’s unemployment rate rose 0.4 percent to 7.8 percent, according to the U.S. Bureau of Labor Statistics. This figure is up 3.1 percent from last March’s 4.7 percent. Now the State Department of Commerce says that over 100,000 jobs in Arizona will be lost in the next few years.

According to the Department’s 2009-2010 Forecast, employers will do away with approximately 167,800 by the end of 2010. This signifies a 6.4 percent decrease in employment in the state.

The Department believes that the majority of the positions will be lost during 2009. Before the end of this year Nevada employers are expected to cut 146,000 jobs, which is a 5.6 percent decrease. In 2010 the Department projects that 21,600 positions will be done away with, a 0.9 percent decline.

“This is why dramatic action is necessary to fix the economy,” said Governor Jan Brewer said in a recent press release. “The inevitable layoffs by companies’ means continued downward pressure on the state economy. We have to face the reality - this is a problem that requires a multi-year fix to secure the future of Arizona. ”

Although the recession is hitting most of the country, the rest of the nation is not expected to experience quite as devastating of a loss of jobs. According to IHS Global Insight, national nonfarm jobs will fall by a total of 4.4 percent during the next two years. In 2009 there will be 3.6 percent decline, while 2010 will see a 0.8 percent decrease.

“The economic downturn has spread beyond the borders of Arizona and the rest of the nation and is impacting the global economy,” said Department Senior Economist Jack York in the release. “The global scope of this recession is a rare event in world economic history. The decline in export markets and lending practices will make recovery more difficult.”

Many experts believe that the economy won’t begin to recover from the recession until 2011. This means that there could be another small decline in Arizona jobs before the employment market begins to set itself right and companies begin creating new positions in the state.