CHICAGO – Gov. Pat Quinn announced that Illinois’ unemployment rate fell to its lowest point in more than six years.
Last month the state’s jobless rate fell to 6.4 percent, its lowest point since June 2008 and lower than when the governor took office. In addition, the state added 2,300 jobs in November, for a total gain to approximately 300,000 jobs since the economic recovery started in February 2010.
“Our economy is continuing to grow and create more jobs, and that’s good news this holiday season,” Quinn said. “Illinois’ improving economy is a reflection of the tough decisions we’ve made over the last six years.”
Since taking office in 2009 and inheriting a massive financial crisis due to decades of mismanagement and the worst recession since the Great Depression, Quinn has made Illinois a better place to do business by enacting major reforms to lower the cost of worker’s compensation and unemployment insurance. He also has achieved unprecedented reforms in pensions and Medicaid while slashing state spending to historic lows. The governor’s tough actions have helped stabilize the state’s finances and paved the way for more economic growth.
The state’s comeback has been highlighted by numerous publications and research organizations such as Site Selection magazine, which in 2013 named Illinois third among the states in its number of corporate relocations and expansions. Illinois has also continued to lead the Midwest in net business growth. In addition, the University of Illinois Flash Index rose again in November to 106.6, up for the fourth straight month. The index is a weighted average of Illinois growth across corporate earnings, consumer spending and personal income.
Illinois worker’s wages are the ninth highest in the country, outranking all neighboring states. Wage growth is one of the key indicators in judging economic growth according to the U.S. Bureau of Labor Statistics.