Expect unemployment in Illinois and the rest of the country to continue to fall — and then level out — while consumer prices continue to rise in 2022, economists say.
A sign announcing hiring is set up outside rue21 at Gurnee Mills on Sept. 17, 2021, in Gurnee.
Walsh said the employment picture will improve organically, but noted that government and private industry must learn some lessons from the supply chain bottlenecks, for instance, and figure out how to expand both manufacturing and the training necessary to get workers into those jobs, he said. That could help eliminate some of the logistical problems we’re seeing now with shipping goods from overseas and getting them into the hands of consumers, economists say.
In mid-December, the government reported U.S. consumer prices jumped 6.8% over the past year — the highest in nearly 40 years, triggering concerns that the nation may be in for a protracted period of inflation. In Illinois, consumer prices in November jumped 6% from a year ago.
With experts blaming the choked supply chain for inflationary pressures, the omicron variant could very well exacerbate the problem if countries have to once again look to shutdown orders in order to curb the spread of the virus. States with higher unemployment numbers tend to have major metro areas with diverse populations, said Braun. Longtime hiring disparities have meant that Black unemployment is higher than average, experts say. Nationally, the unemployment rate among Black residents was nearly 2 percentage points higher than the overall average, at 6.7%.
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