Unemployment figures and other economic indicators don't look so good, embodied in economics professor Carmen Reinhart's prediction of seven more years of sky-high unemployment, as reported by Bloomberg.
The University of Maryland in College Park professor and husband Vincent Reinhart presented a paper at the Federal Reserve Bank's annual symposium, which forecasts another decade of slow growth and high unemployment.
That means Illinois employment lawyers will continue to be busy helping clients with appeals of unemployment insurance benefit claims.
But while a Bloomberg Businessweek article pointed out that Rockford continues to struggle with a staggering 15.7 percent jobless rate, the Chicago Sun-Times reported that things are actually looking a little better in the Windy City.
But just slightly.
The Illinois Dept. of Employment Security said last Thursday that the July unemployment rate for the Chicago metro area fell to 10.5 percent from 10.6 percent in June. The Chicago area lost 58,200 jobs between July 2009 and July 2010, which is still better than the 61,900 jobs shed year-over-year in June.
Statewide, the unemployment rate also dropped by 0.1 percent to 10.3 percent, although Illinois added manufacturing jobs for the 5th consecutive month, according to an IDES press release (PDF). Of those jobs that were lost in Illinois in July, construction was by far the most impacted.
The nationwide jobless rate remained unchanged in July at 9.5 percent and 131,000 jobs were lost across the country.
IDES Director Maureen O'Donnell tried to talk up the cautiously optimistic statewide numbers in a statement:
"The immediacy of monthly data as it trickles up or down does not overshadow the long-term trends that show our state moving in the right direction."
Related Resources:
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Preparing for an Unemployment Hearing (FindLaw)
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Consult with a Chicago Employment Lawyer (FindLaw)
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Layoff Preparation and Survival Tips (FindLaw's Law & Daily Life Blog)
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