Persons Unemployed 15 Weeks or Longer, as a Percent of the Civilian Labor Force for Illinois
U1UNEM1IL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.10
Year-over-Year Change
-44.74%
Date Range
10/1/2003 - 7/1/2024
Summary
This economic trend tracks the percentage of the civilian labor force in Illinois that has been unemployed for 15 weeks or longer. It is an important indicator of long-term unemployment and labor market conditions in the state.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Persons Unemployed 15 Weeks or Longer, as a Percent of the Civilian Labor Force for Illinois metric provides insights into the duration of unemployment and the challenges faced by job seekers in the state. It is used by economists and policymakers to assess the health of the labor market and inform economic policy decisions.
Methodology
The data is collected through the Current Population Survey conducted by the U.S. Census Bureau.
Historical Context
This trend is closely monitored by the Federal Reserve and state governments to understand the effectiveness of employment programs and guide policy responses.
Key Facts
- Illinois' long-term unemployment rate was 1.9% as of the latest data.
- Long-term unemployment peaked at 3.9% during the Great Recession.
- The trend has generally declined since 2010 but remains above pre-pandemic levels.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of the civilian labor force in Illinois that has been unemployed for 15 weeks or longer. It provides insights into long-term unemployment in the state.
Q: Why is this trend relevant for users or analysts?
A: The long-term unemployment rate is an important indicator of labor market health and the challenges faced by job seekers. It informs economic policy decisions and the effectiveness of employment programs.
Q: How is this data collected or calculated?
A: The data is collected through the Current Population Survey conducted by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by the Federal Reserve and state governments to understand labor market conditions and guide policy responses, such as employment programs and economic stimulus measures.
Q: Are there update delays or limitations?
A: The data is subject to the typical release schedule and revisions of the Current Population Survey, with a lag of several weeks or months.
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Citation
U.S. Federal Reserve, Persons Unemployed 15 Weeks or Longer, as a Percent of the Civilian Labor Force for Illinois (U1UNEM1IL), retrieved from FRED.