Unemployment Level for Illinois
UNEMPLOYIL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
316,600.00
Year-over-Year Change
-23.82%
Date Range
10/1/2003 - 7/1/2024
Summary
The Unemployment Level for Illinois measures the total number of unemployed individuals in the state. This metric is critical for policymakers to assess economic conditions and implement appropriate labor market policies.
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 Unemployment Level for Illinois represents the total number of people in the state who are jobless, actively seeking work, and available for employment. This data is a key indicator of the state's economic health and is closely monitored by economists, businesses, and government agencies.
Methodology
The data is collected through surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Unemployment levels inform decisions on fiscal and monetary policies, as well as business investment and hiring strategies.
Key Facts
- Illinois unemployment level reached a high of 1.2 million in 2020.
- The state's unemployment rate peaked at 16.5% during the COVID-19 pandemic.
- Unemployment levels in Illinois have steadily declined since the 2020 recession.
FAQs
Q: What does the Unemployment Level for Illinois measure?
A: The Unemployment Level for Illinois represents the total number of people in the state who are jobless, actively seeking work, and available for employment.
Q: Why is the Unemployment Level for Illinois relevant for users or analysts?
A: The Unemployment Level for Illinois is a critical indicator of the state's economic health and is closely monitored by policymakers, businesses, and economists to inform decisions on fiscal and monetary policies, as well as investment and hiring strategies.
Q: How is the Unemployment Level for Illinois data collected or calculated?
A: The data is collected through surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is the Unemployment Level for Illinois trend used in economic policy?
A: Unemployment levels in Illinois inform decisions on fiscal and monetary policies, as well as business investment and hiring strategies.
Q: Are there any update delays or limitations for the Unemployment Level for Illinois data?
A: The Unemployment Level for Illinois data is published monthly by the U.S. Bureau of Labor Statistics, with a typical release delay of around one month.
Related Trends
All Employees: Other Services: Religious, Grantmaking, Civic, Professional, and Similar Organizations in Illinois
SMU17000008081300001SA
Chain-Type Quantity Index for Real GDP: Other Transportation Equipment Manufacturing (3364-3466, 3369) in Illinois
ILOTRANEQMANQGSP
Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Illinois
ILEDHLTHSOCASSNGSP
Real Gross Domestic Product: Mining (Except Oil and Gas) (212) in Illinois
ILMINEXOILGASRGSP
Per Capita Personal Consumption Expenditures: Nondurable Goods: Food and Beverages Purchased for Off-Premises Consumption for Illinois
ILPCEPCFOOD
All Employees: Private Service Providing in Illinois
SMS17000000800000001
Citation
U.S. Federal Reserve, Unemployment Level for Illinois (UNEMPLOYIL), retrieved from FRED.