The number of employees being laid off by Illinois companies this year topped 10,000 in August, according to new state figures. In its monthly report on mass layoffs, the Illinois Department of Commerce and Economic Opportunity showed seven Illinois companies making plans to lay off nearly 1,100 workers.
Included in the report are office and factory closures in Roanoke, La Salle and Mount Vernon. The August report reverses a monthly trend of declining layoffs, indicating Illinois’ recovery from the recession remains slow. The University of Illinois Flash Index for August showed the state economy is still growing, but it is not fast enough to make much headway in reducing the unemployment rate.
“Slow growth has been the hallmark of the recovery from the 2007-2009 recession, the most sluggish since the end of World War II. Recessions accompanied by financial crises like the one experienced in 2008 often have similar difficult recoveries,” said economist J. Fred Giertz, who compiles the Flash Index.
Although the total number of layoffs hit the 10,000 mark last month, the figure does not count workers who were let go in smaller numbers, which are not compiled by the Department of Commerce and Economic Opportunity. Read more >>
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