Payroll jobs up significantly in October

The Illinois Department of Employment Security (IDES) announced Nov. 18 that the unemployment rate fell -0.2 percentage point to 6.0 percent, while nonfarm payrolls increased by +40,900 in October, based on preliminary data provided by theU.S. Bureau of Labor Statistics (BLS) and released by IDES.

The preliminary report for September monthly payrolls was revised from +9,200 to +11,000 jobs. The September unemployment rate was also revised from the preliminary report, decreasing from 6.8 percent to 6.2 percent, as a result of a large downward revision that the BLS introduced to September statewide unemployed.

In October, the three industry sectors with the largest over-the-month gains in employment were: Professional and Business Services (+17,700), Leisure and Hospitality (+8,400) and Trade, Transportation and Utilities (+7,700). The industry sectors that reported the monthly payroll declines were: Information (-1,500) and Educational and Health Services (-500).

“Today’s data are positive markers indicating a continued recovery to our economy and labor market,” said Deputy Governor Andy Manar. “IDES continues to work with employers and jobseekers to assist matching businesses with those looking to reenter the workforce or make career changes.  Both employers and jobseekers are encouraged to take advantage of Get Hired Illinois to search for available jobs and workers in their area.”

The state’s unemployment rate was +1.4 percentage points higher than the national unemployment rate reported for October, which was 4.6 percent, down – 2 percentage point from the previous month. The Illinois unemployment rate was down -2.1 percentage points from a year ago when it was at 8.1 percent.

Compared to a year ago, nonfarm payroll employment increased by +190,300 jobs, with gains across nearly all major industries. The industry groups with the largest jobs increases were: Leisure and Hospitality (+60,800), Professional and Business Services (+50,000), and Trade, Transportation and Utilities (+37,200).  Financial Activities (-5,200) was the only industry group that reported jobs losses. In October, total nonfarm payrolls were up +3.4 percent over-the-year in Illinois and +4.1 percent in the nation.

The number of unemployed workers was down from the prior month, a -3.4 percent decrease to 370,400, and was down -27.7 percent over the same month for one year ago. The labor force was up +0.1 percent over-the-month and was down -1.6 percent over-the-year. The unemployment rate identifies those individuals who are out of work and seeking employment. An individual who exhausts or is ineligible for benefits is still reflected in the unemployment rate if they actively seek work.