Tuesday, August 28, 2007

State's July job losses most in 2 years: report

From Crain's Chicago Business...
Illinois lost more jobs in July than it has in any month in the last two years, according to a University of Illinois research group.

“It appears that the effects of the subprime mortgage debacle are beginning to affect the economy, especially in the construction sector,” Geoffrey Hewings, director of the University of Illinois’ Regional Economics Application Laboratory, says in an e-mail.

The state lost 11,500 jobs from June to July, an overall decline of 0.19%. The job losses were Illinois’ most severe since July 2005, the group said.

The data was contained in a monthly report from the Illinois Coalition for Jobs, Growth and Prosperity, a nonprofit backed by a number of business groups, including the Chicagoland Chamber of Commerce and the Illinois’ Manufacturers’ Assn.

From June to July, the rest of the Midwest lost jobs at a clip of 0.12%, or 23,800 jobs, according to the group. Illinois and the rest of the Midwest fared much worse than the nation as a whole, which added 92,000 jobs in July.

Sectors the hardest hit in the state were government and trade, transportation and utilities. Illinois’ manufacturing and leisure and hospitality industries added jobs in July.

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