Skip to comments.Unhappy Anniversary: Illinois Overtakes California for Second Highest Unemployment Rate in Nation
Posted on 09/30/2013 9:14:44 AM PDT by SeekAndFind
The one state arguably more screwed up than California is Illinois.
Unions, union sympathizers, socialists, and tax-hike proponents are strongly in control of both states. Is it any wonder that perpetual economic difficulties and insurmountable pension underfundings face both states?
Via email, Ted Dabrowski at the Illinois Policy Institute writes ...
Six months ago, Illinois overtook California to become the state with the second-highest unemployment rate in the nation, behind only Nevada. It hasnt budged since.
Last weeks release from the Bureau of Labor Statistics detailed yet another month of stalled unemployment numbers for Illinois. The states August unemployment rate remained at 9.2% 1.9 percentage points above the national average, which fell to 7.3% in August.
Compared to its neighbors, Illinois fared even worse. The states unemployment rate is now a full 2 percentage points above its neighbors average, which fell to 7.2% from 7.3% one month earlier.
Illinois unemployment rate has remained above 9% since December of last year.
Illinois Unemployment Gap
The number of unemployed Illinoisans also remains high, at 602,000. This is the third month in a row the number of unemployed has remained above 600,000.
Illinois most recent U-6 unemployment rate is 16.1%, meaning more than 1 million Illinoisans are unemployed or underemployed.
Five years after the end of the Great Recession, Illinois still has an unemployment rate nearly 5 percentage points higher than its pre-recession average and there are 147,000 fewer Illinoisans in the labor force compared to August 2007.
The state is still missing 177,000 nonfarm payroll jobs compared to August 2007.
Six months of the second-highest unemployment rate is no anniversary to be proud of.
Inquiring minds should also take a look at Fiscal Crisis in Chicago: Pensions 31% Funded, Moody's Downgrades Debt 3 Notches, Pension Liability is $61,000 Per Household; Mish's Proposed Solutions
Mike "Mish" Shedlock
Blame us. We moved from Illinois to Wisconsin. After all, that’s where my job is.
Fitting....from the state that gave birth to an obamanation.
If Illinois stays on it’s path, it’ll be the next Detroit.
I’m not quite sure what all happened, but California surprisingly fixed some of their budget problems.
RE: If Illinois stays on its path, itll be the next Detroit.
Are you talking about the city of Chicago, or the ENTIRE State?
RE: Im not quite sure what all happened, but California surprisingly fixed some of their budget problems.
Well, several cities in California went bankrupt -— Stockton and San Bernardino to name two. That gave them some sort of a wake-up call.
Unfortunately, Moonbeam is still governor, so I don’t think their problems will be fixed. The states’ pension liabilities are ENORMOUS.
they have big electorates....
Illegal aliens. Illinois is a “sanctuary” state
Maybe they are just cooking the books. A democrat governor replaced a republican governor in 2011. Is that when the numbers took a surprising change for the better?
AMERICA, IT IS NOT ABOUT THE ECONOMY:
* Homosexual Unions
* Comprehensive Sex Education
* Persecution of Christian Businesses
* Taxation without Representation
* Illegal Immigration
* Race hatred
* SILENT CHURCH
2 CHRONICLES 7:14
14 if my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then I will hear from heaven, and I will forgive their sin and will heal their land.
They should be celebrating. After all, they got exactly what they voted for. I don’t see a problem here.
It's a blip. The Fed funding the market has induced capital spending (which Silicon Valley always does in a downturn). The coming tax increase has induced a considerable number of wealthy people to take their capital gains hit now, rather than when taxes go up. That made the revenue side look better. There has been no structural improvement.
Ca, Il, and NY are the cornerstones of Dem domination. That's why they'll get the federal bailouts. I see federally guaranteed state debt soon in the future.
Yep, and in the worse shape economically, culturally, (as in morality)financially..
I hope you are wrong for our nations sake..
Well I hope they are screwed up like here in Cali because EDD is screwing us up. This morning I can see my claim was sumbitted but when I call this morning I was told “Sorry we never received it” sigh. May they suffer the same fate. LOL
I’m not surprised by this news. I live near Chicago, and I’ve been looking for a job for two years. My sister, who lives near Los Angeles, has been looking for a job for two years. Her husband will retire early, and they’ll move to Jefferson City, MO, this month.