Illinois added 7,100 non-government jobs in July but its jobless rate increased to 9.2 percent. This was according to the initial data released by the Illinois Department of Employment Security and the Bureau of Labor Statistics.
The Illinois Department of Employment Security said that the volatility was part of the economic cycle. People who give up looking for work are no longer part of the unemployment numbers. The numbers for July showed that more people were searching for work. This was the reason why there was an increase in the jobless rate despite the job growth in Illinois.
The three month moving average unemployment rate remained at 9.2 percent in July. The gauge is said to be more accurate because it removes the volatility seen in monthly jobless reports. IDES Director Jay Rowell said that the three straight months of positive job numbers indicated the deliberate rate of the state’s economic growth.
According to the Conference Board, employers posted more than 195,000 job ads in the state last month. 80 percent of the ads were for full-time positions.
The US government reported that 320,000 workers applied for unemployment benefits last week. The number was down 15,000 from the past week. The number was also the lowest since October 2007. Jobless benefit claims showed that employers were firing fewer workers. Hiring the nation has been slow. An average of 192,000 jobs per month is added in 2013.
New jobs helped decrease the unemployment rate of the United States to 7.4 percent last month. This was the lowest level in almost five years. But the jobless rate is still above the historical average of around 5 to 6 percent.
The Labor Department also reported US consumer prices went up two-tenths of a percent last month. The nation’s consumer price index increased 2 percent in the past year.