This morning, the US Bureau of Labor Statistics (BLS) released preliminary June 2012 unemployment rates for all Metropolitan Statistical Areas (MSAs). The unemployment rate measures the percentage of the local workforce that reports itself as being out of work, information that the government collects by surveying households.
- In June, an estimated 421,648 people in the Chicago metro area were unemployed out of a labor force of approximately 4.86 million, resulting in a preliminary unemployment rate of 8.7% (seasonally adjusted). The June rate was up from the prior month (8.6%), but down from June 2011 (10.0%).
- Despite the slight uptick in unemployment rate, the Chicago MSA added an estimated 4,061 employed residents between May 2012 and June 2012, bringing total regional employment to approximately 4.44 million (seasonally adjusted).
- 107 of the 380 U.S metros experienced a decrease in the unemployment rate from May 2012 to June 2012 after seasonal adjustment; 169 metros (including Chicago) saw an over-the-month increase, and 104 experienced no change.
(The city of Chicago unemployment rate from last week's Economic Alert is included in the following chart for reference)
Note: Figures are seasonally adjusted. All are preliminary and subject to revision with the next BLS data release on 8/29/12. With the release of preliminary May 2011 data, state and area nonfarm employment estimates incorporate net business birth/death adjustment factors estimated on a quarterly basis, replacing the previous practice of estimating the factors annually. This allows the state and area nonfarm employment estimates to incorporate information from the Quarterly Census of Employment and Wages into the net birth/death adjustment factors as soon as it becomes available and thereby improve the factors. The city of Chicago unemployment rate was seasonally adjusted by WBC staff using non-seasonally adjusted IDES/BLS estimates and the U.S. Census Bureau's X-12 ARIMA software.
Source: U.S. Bureau of Labor Statistics (LAUS and CPS), Illinois Department of Employment Security