The metro area’s unemployment rate fell for the fourth straight month in May, hitting 13.9 percent in Boone and Winnebago counties. Even more significant was the year-over-year comparison: the May 2010 rate was lower than the May 2009 rate by 0.4 percentage points, the first year-over-year drop since April 2007.
Here are the local rates and the month-to-month comparisons:
- Rockford metro area: 13.9 percent, down 2.4 percentage points
- Winnebago County: 14 percent, down 2.3 percentage points
- Boone County: 13.5 percent, down 3.1 percentage points
- Ogle County: 12.6, down 2.1 percentage points
- Rockford city: 15.1, down 2.7 percentage points
- Belvidere: 13.9, down 3.9 percentage points
- Freeport: 12.1, down 1.8 percentage points
More analysis later this afternoon, but for now enjoy the positive news.
Do these numbers count local census workers? Also, what effect do you think the Harris layoffs will have?
Jay – the numbers likely do pick up Census workers by this point. So far this year, 400 additional federal workers — probably all Census — have been added. Put that in the context of 2,800 net jobs added so far this year and that’s about 14% of our job growth.
The Harris layoffs will be tough on us. We’re talking about 345 jobs that were across the pay spectrum, so even beyond the unemployment rate it will be hard. The layoffs are going to be gradual over the next two to three months, so it will take some time to see how they hit. The financial industry hasn’t exactly been gangbusters here — they’ve cut 100 net jobs year-to-date, and lost 800 since December 2007 — so this will be another blow.