{"id":2320432,"date":"2024-08-07T10:05:55","date_gmt":"2024-08-07T14:05:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/job-cuts-are-increasing-in-illinois-while-wage-growth-is-diminishing-washington-examiner\/"},"modified":"2024-08-07T10:11:56","modified_gmt":"2024-08-07T14:11:56","slug":"job-cuts-are-increasing-in-illinois-while-wage-growth-is-diminishing-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/job-cuts-are-increasing-in-illinois-while-wage-growth-is-diminishing-washington-examiner\/","title":{"rendered":"Job cuts are increasing in Illinois while wage growth is diminishing &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjob-cuts-are-increasing-in-illinois-while-wage-growth-is-diminishing-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2320432&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>In Illinois, job cuts and rising\u200d unemployment rates have become a concerning trend, with a reported 1,169 layoffs\u2064 in July alone, marking the third consecutive month of \u200bincreasing layoffs. Orphe Divounguy, an economist\u200d and host of the &#8220;Everyday Economics&#8221; podcast, noted that this\u2063 rise is part of \u2062a broader \u200beconomic\u2062 slowdown, as hiring continues to\u200b decline \u200cand employment growth falls \u2064short of expectations. He highlights that the national unemployment \u200drate is now \u2062at its highest level since February 2018, excluding the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dow-plummets-below-30000-biden-says-its-the-strongest-economy-ever\/\" title=\"Dow Plummets Below 30,000 -- Biden Says Its the Strongest Economy Ever\">pandemic period<\/a>. Additionally, wage growth has diminished, with \u2062year-over-year\u200c increases slowing to \u20643.6% compared\u2064 to 3.9% in June, suggesting \u200cgrowing fears of \u200ba potential recession.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Job cuts are increasing in Illinois while wage growth is diminishing<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1724638\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; Job cuts and unemployment rates are going up in Illinois, while workers&rsquo; wage growth is slowing.<\/p>\n<p>According to Worker Adjustment and Retraining Notification, or WARN, reports, 1,169 Illinois workers were laid off in July. It marked the third straight month the number of layoffs has increased.<\/p>\n<p>Economist and&nbsp;<strong><a href=\"https:\/\/www.americastalking.com\/podcasts\/everyday_economics\/\" target=\"_blank\" rel=\"noreferrer noopener\">Everyday Economics<\/a><\/strong>&nbsp;podcast host Orphe Divounguy said, aside from the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/study-61-of-americans-paid-no-federal-income-tax-in-2020-amid-pandemic-job-loss-federal-stimulus\/\" title=\"Study: 61% of Americans paid no federal income tax in 2020 amid pandemic job loss, federal stimulus\">pandemic job loss<\/a>, the nation&rsquo;s unemployment rate is now higher than it&rsquo;s been since February 2018, barring pandemic months.<\/p>\n<p>&ldquo;Hiring continued to slow, employment increased less than expected. Basically, I think recession fears are starting to creep up,&rdquo; Divounguy said.<\/p>\n<p>Divounguy added that wages are not going up like they once did.<\/p>\n<p>&ldquo;Wage growth has slowed to 3.6% year over year, down from 3.9% in June,&rdquo; Divounguy said.<\/p>\n<p>Divounguy said he expects the Fed to shift its focus from inflation to the labor market.<\/p>\n<p>Illinois had 7,300 layoffs reported from January through July of this year. According to WARN numbers from reporting states, Illinois had more layoffs than Florida (7,198), but fewer than California (37,100), Texas (14,441), New York (11,086) and Washington (8,250).<\/p>\n<p>Four Illinois companies reported 100 or more layoffs last month: John Deere in Moline, GEODIS in Romeoville, NBC Universal\/NBC Sports Chicago and Keplr Vision of Bloomington.<\/p>\n<p>Divounguy said the U.S. economy is getting closer to recession territory.<\/p>\n<p>&ldquo;If initial jobless claims remain at this level or tick higher, then some analysts might start to be concerned,&rdquo; Divounguy said.<\/p>\n<p>Also in July, the Democratic National Convention Committee reported 75 layoffs beginning on Sept. 6, following the DNC in Chicago.<\/p>\n<p>Western Illinois University Board of Trustees Chair Carin Stutz explained the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-refusing-to-drop-out-remains-committed-to-second-debate-report\/\" title=\"Biden Refusing to Drop Out, Remains Committed to Second Debate: Report\">board&#038;rsquo<\/a>;s approval of an unspecified number of job cuts.<\/p>\n<p>&ldquo;In the past, the university has been able to tap into restricted funds to bridge gaps in revenue, but those funds have now been exhausted,&rdquo; Stutz said.<\/p>\n<p>The decision announced Tuesday comes in addition to 36 layoffs at WIU last June.<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1724638\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1724638\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Job losses are rising in Illinois, accompanied by a decline in wage growth (The Center Square) \u2013 In Illinois, job cuts and unemployment rates are on the rise, while wage growth for workers is slowing down. Reports from the Worker Adjustment and Retraining Notification (WARN) indicate that 1,169 employees were laid off in July, marking the third consecutive month of increasing layoffs. Economist Orphe Divounguy, who hosts the Everyday Economics podcast, noted that aside from job losses due to the pandemic, the current national unemployment rate is at its highest since February 2018 (excluding pandemic-related months). &#8220;Hiring has continued to decelerate and employment growth fell short of expectations. Essentially, concerns about a recession are beginning to surface,&#8221; Divounguy stated. He also mentioned that wage increases have slowed down significantly: &#8220;Wage growth has dropped to 3.6% year-over-year from 3.9% in June.&#8221; Divounguy anticipates that the Federal Reserve will shift its focus from inflation concerns to labor market issues. From January through July this year, Illinois reported a total of 7,300 layoffs. Compared with other states based on WARN data, Illinois experienced more layoffs than Florida (7,198), but fewer than California (37,100), Texas (14,441), New York (11,086), and Washington (8,250). Four companies in Illinois announced over 100 layoffs last month: John Deere in Moline; GEODIS in Romeoville; NBC Universal\/NBC Sports Chicago; and Keplr Vision of Bloomington. Divounguy warned that if initial jobless claims remain steady or increase slightly further up then analysts may start expressing concern about an impending recession. Additionally in July it was reported by the Democratic National Convention Committee that there would be 75 layoffs starting September 6 after DNC events held in Chicago. Carin Stutz Chair of Western Illinois University Board of Trustees explained their decision for unspecified job cuts stating: \u201cPreviously we could use restricted funds to cover revenue gaps but those funds have now been depleted.\u201d This announcement follows an earlier round of 36 layoffs at WIU last June<\/p>\n","protected":false},"author":1,"featured_media":2320433,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/04\/AP23293582244211-2-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[37423,6413,37421,36205,37422],"class_list":["post-2320432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-economic-trends","tag-illinois","tag-job-cuts","tag-labor-market","tag-wage-growth"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/04\/AP23293582244211-2-1024x683.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2320432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2320432"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2320432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2320433"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2320432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2320432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2320432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}