Chicago's Unemployment Rate Shrinks

There may be a little gleam of sunshine poking through the gloom of the current recession if the latest unemployment numbers are to be believed. While unemployment throughout the state inched up last month, based on numbers from the Illinois Department of Employment Security, the city of Chicago's July jobless rate actually dropped to 10.7 percent, down from 11.3 percent in June. Granted, that's like saying the flood waters just receded from 10 feet to 8 feet and it's still well ahead of the national average of 9.4 percent, but - hey - progress! Illinois is likely to be slower to see those numbers drop compared to the rest of the nation, according to IDES Director Maureen O’Donnell: “The country felt the pain of this recession many months before it was felt in Illinois, and it is likely that the same pattern will hold true as the economy recovers." [Crain's]