Before the citizens of Bloomington are forced to fund more downtown spending:
Illinois workforce shrinks by largest margin in state history
In June, Illinois suffered the largest monthly workforce loss in recorded state history.
June’s workforce loss was worse than the worst month of the Great Recession. Overall, 21,700 Illinoisans gave up and left the workforce in June; in September 2008, 17,500 Illinoisans quit the workforce. (Bureau of Labor Statistics data go back to 1976.)
This hefty workforce loss has driven state’s unemployment rate down to 7.1 percent from 7.5 percent, creating a superficial appearance of improvement. And Gov. Pat Quinn says Illinois needs to “keep the momentum.”
Keeping up this sort of “momentum” would be disastrous.
An astonishing 46,000 Illinoisans have quit looking for a job and dropped out of the workforce over the last three months. That three-month loss of workers from the workforce is the second-worst decline in the history of Illinois.
The working-age population in Illinois grew by 12,000 people over that same three-month period, which leaves nearly 58,000 working-age Illinoisans unaccounted for and out of the workforce in just three months.
The state’s jobless rate has plummeted from 8.4% to 7.1% in the same time frame. But it’s workers giving up and dropping out of the workforce, not the creation of new jobs, that has been the determining factor in this decline.