Still, 13.3 million Americans remain unemployed. more ›

A new survey by the Federal Reserve Bank says that economic growth has picked up in 10 of the central bank's 12 regions. Five regions, including Chicago, Kansas City, Minneapolis, New York and Richmond, experienced economic activity at a "somewhat stronger" pace, while five other regions, including Atlanta, Boston, Cleveland, Dallas and San Francisco experienced a "slight to modest" pace of economic activity. Only Philadelphia and St. Louis showed mixed business conditions. more ›

Speaking at the Illinois Department of Natural Resources office in downstate Benton, Governor Pat Quinn announced the opening of a new coal mine that will bring over 600 news jobs to the area - 300 in construction and 350 in production. The White Oak Mine #1, operated by White Oak Resources LLC, is the first of four mines that are expected to open in the area. "We know the people of Southern Illinois know how to do a mining job better than anyone else on the planet," Quinn told the crowd of locals and reporters gathered for the announcement. more ›

With the economy still struggling through an anemic recovery and unemployment at record highs, it's good to know that some people are still hiring. [H/T to Sam Abernethy] more ›

According to Crain's Chicago Business, the state of Illinois has caulked and weatherized more than 30 percent of the homes it plans to insulate this year, thanks to grants from the Department of Energy and the American Recovery and Reinvestment Act. According to DOE the program supported nearly 600 jobs in Illinois. more ›

In Chicago to enjoy a little down time for his 49th birthday, President Obama paid a visit to the Ford plant on Chicago's South side Thursday, touting job creation at a time when many Americans are nervous about the economy. After acknowledging the local elected officials in the plant with him, including Mayor Daley, State Treasurer Alexi Giannoulias and Governor Pat Quinn, the President talked about the historic significance of Chicago's Ford Assembly Plant. "This plant is part of American history," he said, noting that it had been built by Henry Ford in 1924. "When World War II was raging, this plant was churning out armored vehicles that helped make victory possible. In the 1990s, workers at this plant built the best-selling car in America five years in a row." Governor Quinn, who is running for re-election, highlighted his own work in bringing over a thousand jobs to Chicago, releasing a video of the visit to the plant, including remarks from both him and the president. more ›

Ford Motor Company, which has an assembly plant on Chicago's South side and a stamping plant in Ford Heights, unveiled the new Ford Explorer Monday afternoon with much fanfare. While the launch of the newly redesigned Ford Explorer has been anticipated among car aficionados for some time, the big story in Chicago is the employment impact building the car here will have on the local economy. Ford will be adding 1,200 workers to it's local payroll to handle production, which is expected to start in November. Mayor Daley, poet laureate of the City of Big Shoulders, summed it up to Crain's, saying “New jobs are being created. Overtime is being created... In America, people want a job.” Echoing that sentiment, Bill Ford Jr., executive chairman and great-grandson of founder Henry Ford said that while his company has experienced four quarters of growth, he's still feeling cautious about the market. “Overall, the car market isn’t as healthy as it was two years ago. So far in July, though, early sales look good,” he told the Sun-Times, adding that “we’ve got to get the economy moving again for all of our sakes.” more ›

The White House Council of Economic Advisers issued its fourth report on impacts of the American Recovery and Reinvestment Act (you can read a PDF of the report here). The report details some of the positive elements of the federal spending act, designed to kickstart the economy in the wake of the 2008 economic collapse, including 3.6 million jobs that were saved or created through the second quarter of 2010, exceeding the president's goals by six months. The report also estimated that as of this year's second quarter the Recovery Act boosted the gross domestic product between 2.7 and 3.2 percent, in line with Congressional Budget Office estimates. And the council noted that for every $1 in federal spending the private sector is investing $3 into the economy. more ›

Crain's Chicago Business is reporting that vacancy in the industrial real estate market is down this quarter, breaking two years of declines. And while some of that decline is explained by demolition of a few larger properties, net absorption, a "key gauge of demand," is up after two years as well. Net Absorption is the square feet leased in a specific geographic area over a fixed period-of-time after deducting space vacated in the same area during the same period. An increase in net absorption shows more space being leased. “I think the momentum will continue,” David Bercu, a principal at Colliers International told Crain's. “Now, the (rental) rates and prices are certainly lower than what Chicago is accustomed to. But before we can see recovery in pricing, we need to see some absorption.” more ›

The U.S. International Trade Commission approved tariffs on imports of steel pipes from China yesterday, in a move that signals an emphasis on American manufacturing by the Obama administration. A group of American steelmakers, including United States Steel (which has four plants in northern Indiana, one in downstate Illinois, and a warehousing facility on the South side of Chicago), and the United Steelworkers union sought trade duties earlier this year, claiming that the government-subsidized Chinese steel industry was flooding the American market with product that was being sold at artificially low prices. “The determination by the commission against illegal stainless steel pipe imports from China was desperately needed to preserve American family supportive jobs,”said USW President Leo Gerard. He pledged that “the USW and the companies who employ our members will continue to vigorously battle these Chinese unfair trade practices.” more ›

The Chicago Federal Reserve reported Monday that its Midwest manufacturing index rose slightly in November, the highest it's been in almost a year. The index measures monthly by major industry the manufacturing output in the Seventh Federal Reserve District states of lllinois, Indiana, Iowa, Michigan, and Wisconsin. It is a composite of 15 manufacturing industries that uses hours worked to measure monthly changes in regional activity. According to Crain's the index climbed 1.2 percent to a seasonally adjusted 84.2, the highest it's been since December of last year. Unfortunately, while those numbers may be indicative of an economic recovery on the horizon, they're still down 10 percent from a year ago, putting Midwestern manufacturing output significantly lower than in other parts of the nation by over five percent. more ›

Raising the stakes again on Wal-Mart's proposed South side expansion, Mayor Daley announced Saturday that religious leaders in the community would broker the agreement that brings Wal-Mart into Chicago, not him. “You know who’s going to start brokering? All these religious leaders,” Daley told the Tribune on Saturday. “They have members of their congregation that can’t get work. They can’t get work. They can’t even get decent jobs, and they’re asking for that.” He also said that unemployed Chicagoans would make it happen, as well. “They vote, too, you know that. They vote,” Daley said. “But it seems like we’re forgetting them.” more ›

Illinois State Treasurer Alexi Giannoulias, the Chicago Democrat running for Illinois's junior senate seat, announced on Sunday as part of his jobs and economic platform his support for "reining in America's $200 billion trade deficit with China" by changing our trade policies to require China to "abide by fair labor, environmental, safety and health standards" that American firms must follow. He outlined three steps he would support in the Senate that would lead to that goal, requiring the U.S. to change its trade policies to discourage China from subsidizing weak state industries, closing tax loopholes that allow American firms to defer paying taxes on income earned abroad and stepping up copyright enforcement to crack down on Chinese counterfeiters that pirate movies, music and software. He also said that he would push for Congress to impose tariffs on Chinese imports if China doesn't end the practice of pegging the yuan to the dollar, which artificially keeps the Chinese currency devalued against the dollar, making U.S. exports substantially more expensive than their Chinese counterparts. "We don't want a trade war with China. But the Chinese government must end unfair trade practices and learn to compete on a level playing field," Giannoulias said. "China plays by its own rules, and only when their abuses are reined in will there be fair trade." more ›

Even though some reports are painting the slight dip in the unemployment rate rosier than others, the Chicago Metro area still could be in for even tougher times. Manpower, one of the largest employment services companies, released their quarterly employment outlook survey yesterday, predicting slow hiring in the first quarter of 2010. more ›

The US Department of Labor released the national unemployment numbers today, showing a slight dip in the amount of jobs lost, from 10.2% to 10%. That translates to near 11,000 jobs lost, which was fewer than projected. President Obama appeared optimistic, saying, “Overall, this is the best jobs report we’ve seen since 2007.". Unfortunately, parts of Illinois fair worse than the national average. Rockford is among 15 cities nationwide with an unemployment rate over 15%, with 4,400 fewer jobs than last year. California has the hardest hit metropolitan areas, with nine major cities that have jobless rates above 15%. more ›

Chrysler will start a temporary second shift at its Belvidere, Illinois plant later this month to boost production of its popular Dodge Caliber line. The company wanted to increase production in October, but delayed the move due to supplier shortage, no surprise as the auto parts industry has been wracked with shutdowns and bankruptcies since the economic crash last year. Chrysler currently employs about 1,700 workers at that plant, and the additional shift is expected to put another 1,000 back to work. more ›

When he isn't warning Chinese government officials of the duplicitous ways of the current White House administration, Mark Kirk has been fairly vocal about how we should handle the current economic downturn. Kirk, who is running for the U.S. Senate Seat that is up for grabs next year, has been a critic of how the money in the American Recovery and Reinvestment Act is being spent. One of those key criticisms is that there is too much "social spending" and not enough focus on infrastructure spending. Few would disagree that capital spending on transit and buildings has a direct impact on putting people to work. And the debate over social spending - such as student loans, extended unemployment benefits and education spending - is as valid as the divide between fiscal conservatives and their counterparts in the progressive camps. more ›

The Illinois Tollway Authority announced last week that it is issuing a $500 million bond to pay for on-going rehab work, a $6.3 billion program now in its fifth year. The bond issue is one of the first Build America Bonds in Illinois, the result of a provision in the American Recovery and Reinvestment Act, which includes a federal tax-credit to states and municipalities to issue taxable bonds. The deal, which is still being finalized, will issue $400 million in taxable Series A Build America Bonds, and $100 million of Series B tax-exempt bonds. Both bonds mature in 2034. more ›

Mayor Daley and U.S. Senator Dick Durbin announced that O'Hare won a $12 million dollar grant for improvements to the airport, as part of the city's first economic recovery program. About $5 million of those funds will be used to replace runway pavement, and nearly $7 million will be used to widen a taxiway. "Both of these projects are important for the safe and efficient operation of this airport," Daley told CBS2. "They couldn't have been done at this time without the assistance of the federal grant." The mayor also pointed out that none of the funding will be used for the O'Hare Expansion Project, which is currently behind schedule and about $130 million over budget. more ›

The mayor plans to spend $260 million on education, for after-school programs and teacher recruitment and training, as well as expanding Head Start for some 10,000 children. Daley also plans to rebuild 43 miles of pothole-filled arterial streets, while upgrading the fleet of police cars, including the installation of more cameras and finance more police overtime. The mayor also plans to spend about $144 million to convert existing condominum stock into affordable rentals, and $31 million to rehabilitate the Altgeld Gardens and Phillip Murray Homes on the South Side. “There are many opportunities to create jobs and protect people in their quality of life,” Daley said. more ›

On Tuesday a European Union trade committee approved temporary anti-dumping and anti-subsidy duties on imports of biodiesel from the United States. One of the companies affected by this decision is Archer Daniels Midland (ADM), which is headquartered in Decatur, Illinois. ADM will face a tariff of 26 euros (about $32) per 100 kg of biodiesel imported, beginning March 13. The tariffs are the latest salvo in an ongoing trade dispute that has been simmering between Brussels and Washington. "If ... these duties will be imposed, then this proves our complaint was well founded," Raffaello Garofalo, secretary general of the European Biodiesel Board, told Reuters. "This will re-establish a level playing field and put an end to unacceptable and artificial prices created by U.S. biodiesel producers." more ›

Serious Materials, a California-based manufacturer of eco-friendly building materials, completed the purchase of the Republic Windows and Doors factory in bankruptcy court late last week, announcing that they would rehire all of the 250 workers that lost their jobs when the plant abruptly closed last December. The site, which was the center of a sit-in by the workers, who are members of United Electrical Workers Local 1110, is expected to begin operations again in a matter of months. more ›

After a long night of congressional aides and clerks working on the specifics and minutiae of the bill, as well as assurances from three key Republicans in the Senate - Arlin Specter of Pennsylvania, and Olympia Snowe and Susan Collins of Maine - Senate Majority Leader Harry Reid announced yesterday afternoon that the House and the Senate had reached a compromise on the Obama administration's centerpiece economic recovery bill. “Like any negotiation, this involved give-and-take, and if you don’t mind my saying so, that’s an understatement,” Reid said. more ›

Caterpillar confirmed Tuesday that President Obama will tour one of their plants Thursday in Peoria before heading to Springfield for a dinner to honor Abraham Lincoln's 200th birthday. Caterpillar spokesman Jim Dugan told the Peoria Journal Star that Cat has been "working closely the last two days with the White House and the Secret Service," and that they are thrilled and honored to be hosting President Obama this week. It is a great honor for Caterpillar and our employees to see and hear the president." more ›

President Obama held a prime time national press conference last night, addressing the American public about the state of the economy and the need for a recovery plan that is "big enough and bold enough to meet the size of the economic challenge we face right now." Speaking of the people he met in Elkhart, IN today, "a place that has lost jobs faster than anywhere else in America," and faces 15% unemployment, Obama urged swift action to bring the first piece of major legislation to his desk in days, not weeks. more ›

The White House announced Thursday that President Obama will hold a prime time press conference on Monday, February 9, at 7 p.m. Chicago time. The President will also address a joint session of Congress on Tuesday, February 24. That address is being billed as his first State of the Union, and that he will submit his first budget to Congress by the end of February or the beginning of March. No word yet on how this will impact his ability to drive the discussion on his economic recovery legislation. more ›

Earlier this week the White House released its fact sheet (PDF, see page 27) on the "immediate, tangible impacts" of the American Recovery and Reinvestment Plan, Barack Obama's centerpiece legislation to address the economic crisis. Among the billions of dollars proposed to be pumped into the economy, Illinois would stand to benefit from transit and infrastructure projects, green jobs and a mix of tax credits and government benefit extensions. more ›

Mayor Daley addressed the media Wednesday evening in his typically candid fashion, taking on lazy city workers, "shovel-ready" projects for the pending federal economic recovery bill and criticism from Fith Congressional District candidates over his plan to privatize Midway Airport. Defending his sell of off city assets, including Midway, Daley said city workers are "clock watchers" who don't care about customers. "They're not customer-related. They're gonna leave at 5 o'clock. They're gonna leave at 4:30 or 4:00. I'm sorry. We're on a time clock. They walk out. But, in the private sector, when you have a customer, you're gonna stay there making sure they're happy and satisfied," Daley told the press. "We can't compete with the private sector. The private sector has a complete idea of who your customers are. Government doesn't have customers. They only have citizens." more ›