What Is The Unemployment Rate For Illinois
The good news for those wondering What is the unemployment rate for Illinois? is that the state unemployment is at a decade-low. The unemployment rate in Illinois has been at its lowest since 2007, hitting 4.6 percent in May 2017. Even a year ago in May 2016, the unemployment rate in Illinois was at 5.9 percent, which is a huge drop in just a years time. Although still trailing behind the rest of the country, as the national average hit 4.3 percent in May 2017, Illinois is making huge strides for both the economy and the unemployed labor force. Unfortunately, while the trade, transportation and utilities sector took a big hit in May with a loss of 3,700 jobs, the construction, education and health services sector added the primary bulk of jobs at 2,400. To determine the Illinois jobless rate, the size of the labor force is also taken into consideration. Individuals who leave the labor force, whether due to retirement, taking care of family or leaving to pursue a secondary education, shrinks the overall numbers that in turn helps the unemployment rate.
For Illinois residents who are looking for help due to unemployment, then benefits may be an option. Unemployment insurance benefits are offered within every state and provide compensation for qualified individuals who need temporary wage assistance in between employment.
Unemployment Rate By Race Visual
There are many places you can turn to for relief if you find yourself unemployed. And while this is far from an exhaustive list of resources, we hope its a helpful place to start.
- Seek unemployment insurance. If youve recently lost your job because of the coronavirus or other factors you may be eligible for unemployment benefits. Each state has its own regulations and cap on weekly benefits, but this should be the first place you look for relief when youre out of work.
- Research business opportunities. If youre considering using unemployment as an opportunity to branch out or expand a current side hustle, there are grants available for minority-owned businesses in addition to Black-owned banks with business accounts that can help you manage your money.
- Focus on your budget. Cut expenses where you can and keep an open line of communication with your creditors. There are forbearance and deferral options for credit cards and loans to postpone your monthly payments. Look into any opportunity to reduce expenses so you can avoid future debt while applying for new positions.
What Benefits Are Expiring
In March 2020, the Coronavirus Aid, Relief, and Economic Security Act also known as the CARES Act established a handful of new federal unemployment aid programs: Pandemic Unemployment Assistance , which provides benefits for those who are not typically eligible for unemployment aid, such as gig workers or the self-employed Pandemic Emergency Unemployment Compensation , which extends aid to people after they have exhausted benefits from the state Federal Pandemic Unemployment Compensation , weekly cash boosts to help Americans recover lost wages and Mixed Earners Unemployment Compensation , which provided an additional weekly $100 payment to eligible claimants who earned at least $5,000 in self-employment income in addition to wages earned with an employer.
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How To File A Claim With The State Of Illinois
The easiest and most efficient way to file a claim is to use the IDES online system provided by the state of Illinois. Upon entering the site, you will be asked to create a username and password. Youll then follow the on-screen instructions through the steps to file a new claim or check the status of an existing one.
Are You Available And Actively Searching For Work
To maintain your eligibility for unemployment, you must be able to work, available to accept a job, and looking for work. If you are offered a suitable position, you must accept it.
You must register for work with the Illinois Employment Service, either online or in person. You must keep a record of your job search efforts, including the dates and places you apply for work. When you apply for benefits, you will receive a form on which to record this information, which you may have to provide to the agency.
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Illinois Payrolls Stagnant Unemployment Rate 35% Higher Than Us Average
Illinois non-farm payrolls only added 2,500 jobs from mid-July to mid-August. Unemployment was steadily high as the rest of the nation recovered.
Illinois added just 2,500 jobs from mid-July through mid-August, virtually unchanged from the previous month according to data released by the Illinois Department of Employment Security.
The sluggish August jobs report comes on the heels of a strong performance in July, in which revised numbers show the state added 38,100 jobs. August was the worst month for Illinois jobs since April.
At the industry level, results were mixed. Five major industries shed jobs, five added jobs and one remained unchanged in August.
Of the industries that added jobs, leisure and hospitality grew the most with 5,800 payroll jobs. Manufacturing gained 3,900 jobs government payrolls grew by 1,900 information payrolls expanded by 300 and mining added 100 jobs.
In terms of industries that lost jobs, educational and health services lost the most jobs at -4,900 in August. Trade, transportation and utilities lost 2,300 jobs other services payrolls shrank by 1,300 construction cut 700 jobs and financial activities lost 300 jobs last month. Professional and business services payrolls remained unchanged in August.
Ignoring how public policy, and specifically taxation, impacts a fragile COVID-19 economic recovery will only lengthen and deepen Illinois struggles.
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Biden Stimulus Bill Extensions
Under President Bidens $1.9 trillion federal coronavirus relief package, known as the American Rescue Plan , enhanced unemployment benefits have been extended until September 6th. This includes further extensions to the PUA program, PEUC program, $300 weekly payment under the FPUC program and $100 Mixed Earners program. There were also provisions in the Biden Stimulus package for Unemployment tax breaks on the first $10,200 of benefits received in 2020.
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When Is Cyclical Unemployment Higher Than Structural Unemployment
Cyclical unemployment is: a) higher when the economy is expanding. b) always greater than the total of structural and frictional unemployment. c) the total of structural and frictional unemployment Consider a country with 300 million residents, a labor force of 150 million, and 10 million unemployed.
How To Use The Unemployment Rate
Keep in mind that the unemployment rate is a lagging indicator. It tells you what has already happened, since employers only lay off workers after business slows down.
The unemployment rate isn’t lagging as much as usual because the pandemic is still creating sudden changes.
Companies resist hiring new workers when a recession is over until they can be sure that the economy will stay strong. The economy could improve for months, and the recession could be over before the unemployment rate drops. It’s not suitable for predicting trends, but it’s useful for confirming them.
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How Much Will Your Benefits Be
Once you file for unemployment and are approved, you will begin to receive benefits. Your benefits might come in the form of a check, but more often they will come in the form of a debit card or direct deposit to your bank account. It varies by state. You typically can file weekly online, by email, or by phone.
The amount you receive depends on your weekly earnings prior to being laid off and on the maximum amount of unemployment benefits paid to each worker. In many states, you will be compensated for half of your earnings, up to a certain maximum.
State benefits are typically paid for a maximum of 26 weeks. Some states provide benefits for a lower number of weeks, and maximum benefits also vary based on where you live. In times of high unemployment, additional weeks of unemployment compensation may be available.
Regardless of how much you make, you never can collect more than the state maximum.
What Wages Are Subject To Illinois Unemployment Tax
Illinoissubjectunemployment taxIllinois unemployment taxIllinois Unemployment
. Just so, what wages are subject to unemployment tax?
Employers pay federal unemployment tax based on employee wages or salaries. The FUTA tax is 6% on the first $7,000 of income for each employee. Most employers receive a maximum credit of up to 5.4% against this FUTA tax for allowable state unemployment tax.
Also, what is the Illinois unemployment tax rate? Local Taxes -There are no local taxes in Illinois. State Unemployment Insurance The wage base is $12,960 for 2018 and 2019. Rates range from 0.525% to 6.925% for 2018 and 0.475% to 6.85% for 2019. New employers use 3.225% for 2018 and 3.175% for 2019.
In this way, are unemployment benefits taxed in Illinois?
A program assistant with the Tax Counseling Project in Springfield said that, while the state of Illinois does not directly tax unemployment benefits, it does use the federal adjusted gross income for tax purposes. If you receive unemployment benefits, it counts as part of AGI.
How is unemployment funded in Illinois?
And, as unemployment benefits are funded through payroll taxes paid by employers, the faster an unemployed person finds a job, the lower the burden on Illinois taxpayers. Moreover, requiring every applicant to file a résumé will help discourage unemployment insurance fraud.
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How Do I Apply For Unemployment Benefits
You can file for unemployment benefits online, but due to a high volume of claims right now, you should stick to the following schedule:
- If your last name starts with AM, file on Sunday, Tuesday, or Thursday
- If your last name starts with NZ, file on Monday, Wednesday, or Friday
- If youâre not able to file during your scheduled window, file on Saturday
Be sure to have the following information handy when you submit your claim:
- Your Social Security number, or Alien Registration ID if youâre not a U.S. citizen
- Your driverâs license or state ID number
- The name, mailing address, phone number, employment dates, and reason for separation for all of the employers you worked for in the past 18 months
- Form DD-214/215 if you most recently worked for the military
- Form SF-8 and/or SF-50 if you were recently a government employee
- Your bank account details, if you wish to sign up for direct deposit for your benefits
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How Much Money Will I Receive In Unemployment Benefits
Your weekly benefit is calculated by adding your earnings during your two highest-paid quarters of your base period, taking 47% of that total, and then dividing it by 26. Lets say you earned $15,000 combined during your two most profitable quarters. Youd be eligible to get $272 a week. The maximum weekly benefit you can receive is $471, and you may be eligible for an additional allowance if you have a non-working spouse or dependent child.
For a non-working spouse, you get 9% of your total wages during your two highest-paid base period quarters divided by 26, or $52 a week in our example. For a dependent child, you get 17.4% of your total wages during your two highest-paid base period quarters divided by 26, or $100 in our example. You may claim either a non-working spouse or a child allowance, but not both . The maximum allowance for a non-working spouse is $91 a week, while the maximum for a dependent child is $175 a week.
In addition, anyone who files an unemployment claim now is entitled to an extra $600 a week as part of the recently approved economic stimulus package. That $600 applies to dates of unemployment from March 27 through July 31. After that, your weekly benefit reverts back to its original amount â meaning, the amount youâre entitled to based on the above calculations.
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Unemployment Rate Down Payroll Jobs Up In Illinois During January
The Illinois Department of Employment Security says that the unemployment rate fell -0.1 percentage point to 5.0 percent, while nonfarm payrolls increased by +8,600 in January, based on preliminary data provided by the U.S. Bureau of Labor Statistics and released by IDES. The preliminary report for December monthly payrolls was revised from +22,800 to +18,200 jobs. The preliminary December unemployment rate was revised from 5.3 percent to 5.1 percent. The January payroll jobs estimate and unemployment rate reflects activity for the week including the 12th.
In January, the three industry sectors with the largest over-the-month gains in employment were: Professional and Business Services , Manufacturing , and Government . The industry sectors that reported monthly payroll declines were: Construction , and Leisure and Hospitality .
In January, the Illinois labor force participation rate, or the percentage of the working-age population thats either employed or unemployed and seeking employment, was 1.5 percentage points higher than the U.S. labor force participation rate and is rising faster than in the US. That means more people are joining the workforce in Illinois than across the US. Over the previous year, the Illinois labor force participation rate increased by nearly twice the level of the national labor force participation rate, rising +1.4 percentage points, as compared to +0.8 percentage point in the nation.
Illinois Adopts Cares Act Provisions
Q15. What is the CARES Act?
A15. The CARES Act is a federal law that was recently enacted to address the economic situation resulting from the current COVID-19 pandemic crisis. The CARES Act provides a variety of economic stimulus items, which include federally funded expansions of states traditional unemployment benefits provisions. Illinois has signed on to participate in the CARES Act.
Q16. What unemployment benefits are now available for Illinois workers under the CARES Act?
A16. As noted in Q& A10, the CARES Act provides an additional $600 per week under the FPUC program, added on to an eligible individuals weekly unemployment benefit amount. This FPUC benefit applies to individuals who are eligible for benefits beginning March 29, 2020 and concluding the week ending July 25, 2020. Individuals who are eligible for even $1 of unemployment benefits in a given week are eligible for the $600 bonus.
The law also provides the $600 unemployment benefit to Illinois workers who would not traditionally be eligible for unemployment benefits, but who are now eligible under the CARES Acts Pandemic Unemployment Assistance program , and affected by COVID-19.
Additionally, the CARES Acts Pandemic Emergency Unemployment Compensation entitles eligible Illinois workers to an additional 13 weeks of unemployment benefits .
Q17. When will Illinois pay the additional CARES Act FPUC benefits?
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Understanding Emergency Unemployment Compensation
The federal unemployment extension program called the Emergency Unemployment Compensation expired in 2013. It is not presently known if the program will become active again. If you are curious about the EUC08 program, it is suggested that you contact the Illinois labor authorities or follow developments in the national news.
In general, if an unemployment beneficiary consumes all of his or her regular unemployment benefits, the beneficiary normally does not have to apply for an unemployment benefits extension because the system automatically applies for eligible claimants on their behalf. If a beneficiary is approaching the point where his or her benefits are running out, her or she should contact an employment counselor to see if an unemployment extension is available to them.
What Is The Percentage Of Unemployment Rate
In March 2020, the national unemployment rate was 3.8%, up slightly from the 3.5% at the end of the fourth quarter of 2019. 2 State unemployment rates in March ranged from 2.2% in North Dakota to 5.8% in Louisiana. 3 According to a previous EPI analysis of unemployment by state that analyzes the economic effect of the coronavirus pandemic, in April 2020, 43 states and the District of Columbia saw their unemployment rates increase to record high levels. 4
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Learn About The Illinois Unemployment Rate
Find Illinois Unemployment Rates Information
A common misconception about the unemployment rate within the United States is that it measures the amount of jobless workers versus employed workers. In truth, the unemployment rate measures the total number of jobless workers in comparison to the entire labor force as a whole. For calculating the jobless rate, the Bureau of Labor Statistics indicates unemployed as an individual not employed in any fashionnot temporarily, part-time nor with full-time work. Unemployment, for the sake of unemployment insurance benefits, also dictates an individual who is willing and able to work, but unemployed through no fault of their own. It is important to keep track of the unemployment rate in every state, as well as the country, in order to assess the economic climate and job growth or loss.
Find Illinois Unemployment Resources
Find Out How to Appeal Denied Benefits
Learn About Illinois Unemployment Benefits Extensions
Find Illinois Unemployment Extensions Information
Illinois unemployment beneficiaries wondering, what can I do to extend unemployment and wanting to learn how to get an unemployment extension will benefit from reading this section. There are guidelines for a federal unemployment extension, and there are two types of an unemployment benefits extension.
As a general rule, federal unemployment extension programs are only available during periods when the nation is experiencing a high unemployment rate. One of the two federal unemployment extension programs is called the Emergency Unemployment Compensation, 2008 which was a one-time legislative effort to assist those who lost their jobs during the Great Recession that began in 2008.The other is called Federal-State Extended Duration . However, these two unemployment extension programs are not currently active in the United States.
For those wanting to learn more about an unemployment compensation extension and discover the answer to the question, how can I extend unemployment? please review the following sections:
Find out how to claim your benefits in Illinois
How to Find a Job
Find Out How to Appeal Denied Benefits
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