Local Job And Unemployment Rates Are Up

The Composite Index of Business and Economic Indicators for the Peoria-Pekin Metropolitan Statistical Area results continue to be favorable, according to Bradley professor, Bernard Goitein.

The value index continues it’s above 100 performance, with a value of 102.8, similar to last year’s first quarter.

Growth in the job market increased the number of jobs by 2.7 percent from the year before.

“With these growths in jobs, look like area residents were attracted to join the labor force and get some of those jobs,” Goitein said. “We also found an increase in those still looking for work”.

While there is a growth in the job market and less lay offs, the unemployment rate increased to 5.4 percent from last year’s 4.6 percent.

The number of homes sold in the first quarter is down 4.3 percent from last year.

“The supply of homes for sale was down 19.4 percent, so fewer homes available, fewer sold,” Goitein said.

Goitein said one thing that does grow as the economy grows, is the interest rate.

“As things grow companies want to borrow more money. So, the price of money, interest rate, starts rising,” Goitein.

Looking ahead to the future, long term growth trends are associated with retirements of members from the “baby boom” generation, opening up more jobs for those looking for work.

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