Monthly Jobs Report: Chicago Unemployment Drops to 5.6 Percent
The most recent monthly jobs report shows the Chicago unemployment rate dropped 0.4 percentage points in July, coming in at a seasonally adjusted 5.6 percent. On a non-seasonally adjusted basis, 10,200 Chicago jobs were lost during the same reporting period, according to the Illinois Department of Employment Security.
Statewide, the seasonally adjusted unemployment rate also declined by 0.4 percentage points in July, coming in at 5.8 percent. Month over month, 11,600 jobs were added in Illinois on a seasonally adjusted basis.
What do these numbers mean for area employers?
According to Robert Half District President Marilyn Bird, the declining Chicago unemployment rate means the best candidates will likely receive several offers and be snatched up quickly in the current Chicago market. Employers should expect not only a more challenging hiring market for top talent, but to prepare for key employees being approached with job offers from competitors. “In a climate like this, employers really need to focus on retention to make sure they don’t lose key team members to other organizations,” Bird says.
Bird recommends that employers make sure they’re offering competitive salaries, and to evaluate retention strategies. “You should also check in with employees to ensure they’re happy where they are,” she says.
Bird advises employers to solicit employee feedback — ask whether staff members feel challenged by their jobs, what their ideal career paths are and what benefits and perks they wish were offered. “Once you know what your employees want, see what your company’s budget allows you to provide,” she says. “It may be as simple as offering professional development opportunities and mentorships or more work-life balance” through flexible scheduling or telecommute options.
Need help finding talent for Chicago jobs? Your local Robert Half recruiter is here to help. Call (888) 707-4274 today.