Saturday, August 16, 2008

Illinois Sheds More Jobs as Consumers Tighten Spending

CPR:
The federal government said prices rose sharply in July. The Illinois Department of Employment Security also came out with new numbers. It says the Illinois economy shed 9,700 jobs last month. Labor market economist Mitch Daniels says the two trends are related.

DANIELS: When consumers tighten their spending, then you have employers sometimes especially feel that and start to be a little more cautious in their employment levels.
The unemployment rate rose to 7.3% last month. Sectors that have suffered in this economy includes leisure, office temp help, hospitality, trade and transportation.

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