Illinois finished 1998 with the lowest annual jobless rate in two dozen years–4.4 percent– thanks, in part, to a sizable drop in unemployment last month.
The jobless rate fell in December to 4.2 percent from 4.5 percent in November, the Illinois Department of Employment Security said Wednesday. The latest rate is below the U.S. average of 4.3 percent in December and significantly under Illinois’ rate of 4.8 percent a year earlier.
Also last month, the number of jobs in Illinois rose by 33,000 to a record high of 5.92 million, breaking October’s mark, while the number out of work declined by 20,500, to 257,000, the state agency said, based on a household survey.
The yearly jobless rate has not been as low since 1974, when it began rising as the nation fell into a recession.
Over the last year, payrolls rose 1.4 percent, or 79,500 jobs. As usual, the state agency said, the service sector accounted for most of that gain, adding 44,500 positions.
Employment in retail trade, finance, transportation and utilities also rose.
Manufacturing employment, though, slid by 8,200, and mining payrolls also decreased.
December’s rate was the lowest since August; the state’s best rate in 1998 came in May, at 3.8 percent.
