The document summarizes the May 2015 employment situation in Chicago and the United States. It states that the unemployment rate declined in Chicago to 5.9% due to hiring outpacing individuals leaving the workforce. Key sectors driving expansion in Chicago include construction, trade/transportation/utilities, professional services, and leisure/hospitality. Total US nonfarm employment increased by 280,000 jobs in May, while the national unemployment rate rose slightly to 5.5% and wages increased 2.3% annually.
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Chicago May 2015 Employment Summary
1. U.S. employment situation: September 2013
Release date: October 22, 2013
Market recovers from post-holiday
slowdown
Chicago employment situation: May 2015 June 8, 2015
2. May 2015 employment summary
• The local employment market entered its third consecutive month of improving conditions with the unemployment rate declining 50 basis
points to 5.9 percent.
• The decline in unemployment was driven more by hiring than individuals leaving the labor force, this is a positive sign that the local
economy is strong enough to absorb unemployed workers and that we’ll continue to see more hiring in the future.
• The sectors driving this recent expansion are construction; trade, transportation, and utilities; professional and business services; and
leisure & hospitality.
• Leisure & hospitality is ramping up in preparation for the summer tourism season. 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 40.9 percent of the 12-month total employment
growth while the industrial sectors accounted for 26.7 percent of the annual growth.
• Total U.S. nonfarm employment increased by 280,000 jobs in May and upward revisions were made to previous months totaling 32,000
jobs. May's jobs report is welcome news and signals that growth is back on track after a slow start to the year.
• U.S. unemployment increased 10 basis points to 5.5 percent as the labor force participation rate ticked higher. Wages also showed growth,
recording an annualized increase of 2.3 percent, the highest level in nearly two years.
Source: JLL Research, Bureau of Labor Statistics
3. May 2015 labor market at a glance
5.9%
Metro Chicago unemployment
1.4%
Metro Chicago 12-month job growth
49,400
Metro Chicago monthly new hires
Source: JLL Research, Bureau of Labor Statistics
5.5%
U.S. unemployment
2.2%
U.S. 12-month job growth
280,000
U.S. monthly new hires
4. YTD gains of 28,000 new jobs keep unemployment slowly
falling to a cyclical low of 5.9 percent in April
Source: JLL Research, Bureau of Labor Statistics
4
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
Total jobs vs. Unemployment rate, Metro Chicago
3.9%
Peak: 3,840,379 jobs
5. Jobs lost during recession…
Jobs gained during recovery…
87.0 percent of jobs in Chicago have been recovered from
the recession; now 46,000 jobs below pre-recession peak
Source: JLL Research, Bureau of Labor Statistics
5
• We estimate that Chicago will recover all of the jobs lost during the recession by 2016
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
81.3 percent of
annual growth.
-3,400
-2,900
-200
0
3,900
4,700
7,100
11,900
12,100
16,200
-4,000 1,000 6,000 11,000 16,000
Manufacturing
Financial Activities
Information
Other Services
Leisure & Hospitality
Mining and Logging
Federal Government
Trade, Transportation & Utilities
Educational & Health Services
Professional & Business Services
Number of jobs gained
Job growth/loss by sector (12-month change), Metro Chicago
33%
24%
24%
19%
PBS
Educational & Health Services
Trade, Transportation & Utilities
All other sectors
7. Annual growth of office-sectors driven by PBS & Government
Source: JLL Research, Bureau of Labor Statistics
7
-45
-30
-15
0
15
30
45
2010 2011 2012 2013 2014 2015
Financial Activities Professional & Business Services Information Government
Thousandsofnewjobs
Office employment trends (12-month change), Metro Chicago
Recent staffing announcements
+1K jobs +100 jobs +300 jobs
8. Surge in construction employment gives industrial-sector job
creation a boost in April
Source: JLL Research, Bureau of Labor Statistics
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
Thousandsofnewjobs
Industrial employment trends (12-month change), Metro Chicago
Recent staffing announcements
+250 jobs
+300 jobs
+225 jobs
9. All subsectors but Manufacturing, Information, and Financial
Activities have seen annual growth
Source: JLL Research, Bureau of Labor Statistics
9
April 2013 April 2014 April 2015
Total non-farm employment
3,493,700
1.5%
3,553,100
1.7%
3,602,500
1.4%
Unemployment rate 9.9% 7.1% 5.9%
Metro Chicago supersectors April 2013 April 2014 April 2015
Mining, Logging & Construction 104,200 0.5% 111,700 7.2% 116,400 4.2%
Manufacturing 281,400 -1.9% 280,100 -0.5% 276,700 -1.2%
Trade, Transportation, & Utilities 699,700 1.5% 706,200 0.9% 718,100 1.7%
Information 70,700 -0.6% 70,800 0.1% 70,600 -0.3%
Financial Activities 246,800 0.6% 247,200 0.2% 244,300 -1.2%
Professional & Business Services 632,900 4.3% 661,300 4.5% 677,500 2.4%
Educational & Health Services 549,900 2.0% 560,800 2.0% 572,900 2.2%
Leisure & Hospitality 329,000 2.3% 338,100 2.8% 342,000 1.2%
Other Services 155,900 1.0% 158,300 1.5% 158,300 0.0%
Government 423,200 0.0% 418,600 -1.1% 425,700 1.7%
Employment statistics | Metro Chicago Industry employment stratification | Metro Chicago
Trade, transportation
and Utilities, 718,100,
20%
Professional and
Business Services,
677,500, 19%
Educational and
Health Services,
572,900, 16%
Government, 425,700,
12%
Leisure and
Hospitality, 342,000,
9%
Manufacturing,
276,700, 8%
Financial Activities,
244,300, 7%
Other Services,
158,300, 4%
Mining, Logging and
construction, 116,400,
3%
Information, 70,600,
2%