Employment increased by 23,000 jobs so the expanding labor force only increased the overall unemployment rate by 30 basis points to 6.3 percent. This is the second consecutive month when unemployment increased.
FULL ENJOY 🔝 8264348440 🔝 Call Girls in DLF phase 3 | Gurgaon
July 2015 Chicago Employment Update
1. U.S. employment situation: September 2013
Release date: October 22, 2013
Job market reaches seven-year high
and recovers recession losses
Chicago employment situation: July 2015 August 10, 2015
2. July 2015 employment summary
• The local labor force expanded by 55,000 workers as a result of graduates entering the job market. Employment increased by 23,000 jobs
so the expanding labor force only increased the overall unemployment rate by 30 basis points to 6.3 percent. This is the second
consecutive month when unemployment increased.
• Over 26,000 non-farm jobs were added in June and with that the job market surpassed a previous high set in June 2008 and recovered all
of the jobs lost during the recession.
• The sectors driving this recent expansion are construction; trade, transportation, and utilities; professional and business services; and
leisure & hospitality.
• Compared to previous summer tourism seasons, Leisure & hospitality is ramping up at a higher pace, showing a monthly growth of 2.3
percent and it reached a historic high of 362,000 jobs in June. Based on historic trends, this sector will continue a hiring surge through late
summer.
• As is typically the case, Chicago’s office-using sectors dominated the hiring by taking 36 p.5ercent of the 12-month total employment
growth while the industrial sectors accounted for 20.5 percent of the annual growth.
• After a bumpy beginning to 2015, the U.S. labor market continued its steady and upward trajectory with the addition of 215,000 net new
jobs in July. While slightly lower than the previous few months, year-to-date job creation now rests at 1.5 million and is in line with 2014.
• U.S. unemployment remained unchanged at 5.3 percent, while unemployment for college graduates continues to hover between 2.5 and
2.7 percent, slightly less than half the national rate. However, labor force participation remains relatively flat across demographic segments,
particularly for high-school graduates
Source: JLL Research, Bureau of Labor Statistics
3. June 2015 labor market at a glance
6.3%
Metro Chicago unemployment
1.3%
Metro Chicago 12-month job growth
26,600
Metro Chicago monthly new hires
Source: JLL Research, Bureau of Labor Statistics
5.3%
U.S. unemployment
2.1%
U.S. 12-month job growth
215,000
U.S. monthly new hires
4. YTD gains of 78,500 new jobs minimize impact of expanding
labor force
Source: JLL Research, Bureau of Labor Statistics
4
Total jobs vs. Unemployment rate, Metro Chicago
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
3.0
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
Millions
Total Employment Unemployment
Peak: 3,840,379 jobs
3.9%
5. Jobs lost during recession…
Jobs gained during recovery…
All jobs have been recovered from the recession; now
19,000 jobs above pre-recession peak
Source: JLL Research, Bureau of Labor Statistics
5
6. PBS, education & health and TTU continue to see healthy
growth; while finance and manufacturing lag
Source: JLL Research, Bureau of Labor Statistics
6
Top three
subsectors
responsible for
84.3 percent of
annual growth.
Number of jobs gained
Job growth/loss by sector (12-month change), Metro Chicago
-4,500
-3,400
-1,700
-100
5,700
5,700
5,800
10,200
14,900
15,300
-5,000 0 5,000 10,000 15,000
Manufacturing
Financial Activities
Other Services
Information
Leisure & Hospitality
Federal Government
Mining and Logging
Trade, Transportation & Utilities
Educational & Health Services
Professional & Business Services
32%
31%
21%
16%
PBS
Educational & Health Services
Trade, Transportation & Utilities
All other sectors
7. -45
-30
-15
0
15
30
45
2010 2011 2012 2013 2014 2015
Financial Activities Professional & Business Services Information Government
Annual growth of office-sectors driven by PBS & Government
Source: JLL Research, Bureau of Labor Statistics
7
Thousandsofnewjobs
Office employment trends (12-month change), Metro Chicago
Recent staffing announcements
TBD lay-offs +300 jobs
8. -100
-85
-70
-55
-40
-25
-10
5
20
2010 2011 2012 2013 2014 2015
Mining, Logging & Construction Trade, Transportation & Utilities Manufacturing Other Services
Surge in construction employment continues industrial-sector
job creation in June
Source: JLL Research, Bureau of Labor Statistics
8
Thousandsofnewjobs
Industrial employment trends (12-month change), Metro Chicago
Recent staffing announcements
+200 jobs
-500 jobs
-600 jobs
9. All subsectors but Manufacturing, Information, Financial
Activities, and Other Services have seen annual growth
Source: JLL Research, Bureau of Labor Statistics
9
June 2013 June 2014 June 2015
Total non-farm employment
3,560,400
1.7%
3,560,400
1.7%
3,667,000
1.3%
Unemployment rate 10.9% 7.3% 6.3%
Metro Chicago supersectors June 2013 June 2014 June 2015
Mining, Logging & Construction 115,900 4.1% 122,400 5.6% 128,200 4.7%
Manufacturing 283,000 -1.9% 281,800 -0.4% 277,300 -1.6%
Trade, Transportation, & Utilities 711,300 1.7% 720,000 1.2% 730,200 1.4%
Information 71,800 0.6% 71,800 0.0% 71,700 -0.1%
Financial Activities 250,900 0.8% 251,700 0.3% 248,300 -1.4%
Professional & Business Services 648,800 4.2% 674,700 4.0% 690,000 2.3%
Educational & Health Services 547,900 1.6% 557,800 1.8% 572,700 2.7%
Leisure & Hospitality 348,300 2.8% 356,000 2.2% 361,700 1.6%
Other Services 158,200 -0.1% 162,300 2.6% 160,600 -1.0%
Government 424,300 0.3% 421,200 -0.7% 426,900 1.4%
Employment statistics | Metro Chicago Industry employment stratification | Metro Chicago
Trade,
transportation and
Utilities, 730,200,
20%
Professional and
Business Services,
690,000, 19%
Educational and
Health Services,
572,700, 16%
Government,
426,900, 12%
Leisure and
Hospitality,
361,700, 10%
Manufacturing,
277,300, 7%
Financial Activities,
248,300, 7%
Other Services,
160,600, 4%
Mining, Logging
and construction,
128,200, 3%
Information,
71,700, 2%