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|Illinois and Local Unemployment Jump Again
|The unemployment rate in Illinois is back up another half-percent, and local numbers reflect that.
After a small drop in August to 10%, unemployment statewide jumped one-half percent to 10.5% in September according to figures recently released by the Illinois Department of Employment Security.
The City of Galesburg's unemployment rate is above that average -- up four -tenths of a point to 10.7% in September. Knox County as a whole is up three-tenths to 10.3%.
University of Illinois economist Fred Giertz says this is what happens in a recession. He says the last two recessions were not as severe in terms of job losses as this recession has been, but Giertz says employment is the last economic indicator when a recession ends.
"The unemployment rate is a light indicator, the unemployment rate doesn't fall until the economy really starts to take off again, which is just beginning now. One reason for that is even during the recession we've had increases in productivity - firms have become more efficent and as a consequence, when they start producing more, they don't need as many people as they did previously."
The state unemployment rate of 10.5% is the highest since 1983. The 20th month of consecutive job losses saw the total of jobs around the state fall to it's lowest point since 1985.
The Illinois unemployment rate last year at this time was 6.7%.
Warren County's unemployment rate jumped up four-tenths of a percent in September to an even 8%.
However, both Henry and Henderson County's jobless numbers dropped. Henderson County is down eight-tenths of a point to 9.4%, while Henry County's is down a half-point to 8.6%.
|10 24 09 by Newsroom
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