Throughout the Chicago area, businesses in sectors such as retail, manufacturing and hospitality report a shortage of job applicants. With a tight labor market spurring competition for front-line and entry level workers, the number of job postings has soared to record levels. Meanwhile, many area employers are boosting wages to attract and retain workers.
Chicago market snapshot, January 2022
JOBS ADDED: +7,300 MoM
UNEMPLOYMENT RATE: 5.1%, up from 4.3% in December 2021
WAGE CHANGE: +4.5% YoY
- Compensation costs for private industry workers increased 4.0% in the Chicago area in 2021.
- Nonfarm wage and salary employment in the state of Illinois is up 4.5% from January 2021.
- The unemployment rate in the U.S. is 4.0%, compared to 5.1% in the Chicago area.
- U.S. BLS, Local Area Unemployment Statistics
- Emsi, April 3, 2022
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