US jobs report beats June estimate, but Illinois at greater risk if recession hits – Illinois Policy

by | Jul 14, 2022 | Jobs

Illinois is one of the states with the most to gain from the continued national jobs recovery, but could be hit harder than other states by a recession.

The national economy added 372,000 jobs in June, far more than the 250,000 originally expected, which shows the jobs recovery continues despite recession fears.
The good news is that should translate into continued recovery for Illinois. The bad news is if a recession hits, Illinois is more susceptible than other states.
Total nonfarm payrolls remain 524,000 below their February 2020 levels nationally, according to data released July 8 by the U.S. Bureau of Labor Statistics. Total private sector employment has now surpassed pre-pandemic levels. Although the private sector has recouped early 2020 job losses, there are still significant differences in employment across industries compared to the pre-pandemic economy.

There have been significant increases in employment in the trade, transportation and utilities sector (+914,000 jobs) and professional and business services sector (+880,000 jobs) compared to February 2020. However, the leisure and hospitality industry is still missing more than 1.3 million jobs compared to pre-pandemic levels. Government payrolls are down by 664,000 and educational and health services and other services jobs are down by more than 250,000 respectively.
While some sectors are still a long way off from previous employment levels, th …

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