CHICAGO – As Illinois’ unemployment rate continued to fall to its lowest point in six years, Governor Pat Quinn today visited Hydro, Inc. in Chicago to discuss the state’s ongoing economic recovery. Over the past six months, Illinois' unemployment rate has fallen faster than any other state in the country. Illinois’ unemployment rate dropped for the sixth consecutive month, from 6.8 to 6.7 percent in August, its lowest level since August 2008 and lower than when the Governor took office. Today’s event is part of the Governor’s agenda to create jobs and drive Illinois’ economy forward.
“Hardworking women and men across our state are back on the job and today’s numbers are proof that Illinois’ comeback continues,” Governor Quinn said. “More people are working today than at any time in the past six years and that is thanks in part to companies like Hydro who are staking their future right here in the Land of Lincoln. While we have more work to do, we are getting the job done and Illinois is headed in the right direction.”
The Illinois unemployment rate fell in August for the sixth consecutive month to reach 6.7 percent while employers created 13,800 jobs, according to data released earlier today by the U.S. Bureau of Labor Statistics and the Illinois Department of Employment Security. This is the lowest rate since August 2008 and the drop from 9.2 percent one year ago marks the largest year-over-year decline in 30 years.
The number of people employed in Illinois remains above six million, continuing a 2014 trend that has seen more people working in this state than at any time since early 2009.
Hydro, Inc. was formed in Chicago in 1969 and is now a global company and the largest independent pump rebuilder in the world. The company employs more than 170 people in Illinois and more than 430 worldwide. Hydro, Inc. recently purchased a third storage facility on Chicago’s south side and is among the many Illinois-based manufacturing companies that are taking advantage of the state’s central location, skilled workforce and strong business climate to expand their operations and create jobs. In Illinois they have experienced a 15 percent employment growth in the past year with an additional 15 percent forecasted growth by 2016.
Since taking office and inheriting decades of mismanagement, the Governor has enacted worker’s compensation reform and unemployment insurance reform to make Illinois a better place to do business, in addition to major fiscal reforms such as pension reform and Medicaid restructuring that are restoring fiscal stability to Illinois. Governor Quinn is pushing a new tax cut for businesses that provide job training. By lowering the cost to train workers, businesses will have an easier path to creating new jobs and ensuring workers have the skills to drive a 21st century economy.