According to the August 1 release from the Bureau of Labor Statistics; the US economy added almost 210,000 jobs in the month of July. The economy has added almost 250,000 jobs in each of the past 3 months. The professional services (47,000), manufacturing (29,000) and retail (28,000) sectors accounted for the most growth. Jobs in construction grew by 22,000. The unemployment rate was unchanged. By comparison; the BLS reported only 89,000 jobs added in July 2013.
The news seems to be all pointing towards “good.” In 2013, only 500,000 jobs were added in the 3rd quarter. Almost half of that number has been added in one month.
According to the Illinois Department of Employment Security, (IDES) unemployment in the State fell to 7.1%. This is down almost half a percent from the previous month, and a little over 2% from June 2013.The State added 6,000 jobs in June. The unemployment rate in Illinois has not been this low since 2008.
100 Chicagoans were asked if they thought that the economy was stable enough to consider changing careers. Over 60% (64) of those polled felt safe enough to consider a career change. Almost all of them (97) felt that the economy would be even better if the government was functional. Only half of those asked felt like the economy had returned to pre-2008 levels. None of the respondents felt that the current political climate would change anytime soon.
The job growth performance and outlook are seemingly oblivious to all the conflict and turmoil surrounding it. From the conflict in the Middle East to Congressional gridlock; there are a number of things happening that have the ability to destabilize the economy. The economy, specifically job growth, continues to be unfazed. Do you think that job growth would be higher if not for gridlock? Is the economy underperforming?