Illinois is tied with California for the nation’s second-worst unemployment rate, according to September 2024 data. With an unemployment rate of 5.3%, both states exceed the national average of 4.1%. In terms of job growth, Illinois lags behind with a meagre 35,400 positions added since September 2023. This represents a growth rate of only 0.58%, placing the state at rank 47 among all states for non-farm job growth.

Interestingly, the government sector exhibited the most promising job growth, with the state government adding 8,800 positions, equating to a 6.14% increase. That said, Illinois experienced significant declines in the professional and business sector, with a reported 32,000 less positions than a year earlier. The information and finance sectors also saw major cutbacks, with 3.89% and 2.24% of their workforces being shed respectively.

Only four out of 11 industries, not including government, saw modest gains in Illinois. With a job growth rate of 0.58%, the state had the lowest growth among its surrounding states. Post pandemic recovery is slow with Illinois ranking 44th in the nation for job recovery.

Illinois’ consistently high unemployment rate and slow economic growth can be attributed to an unfriendly business environment, primarily due to high taxes and a misspent budget. Furthermore, Illinois has been experiencing population decline for a decade, with 3 out of 4 communities losing residents in 2023.

Despite these challenges, Illinois possesses a number of advantages including a diverse economy, central location, and strong infrastructure. To leverage these, the state must focus on strengthening fiscal policies, reducing regulatory burdens, and providing tax relief to both workers and employers.

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