Have we started to crawl out from the depths of the national recession? A few data points released over the last 24 hours offer some humble, but encouraging, news. The first comes from the Federal Reserve, which has found that the net worth of American households jumped between April and July, the first quarterly boost in almost two years. And in the Land of Lincoln, the state's unemployment rate actually fell in August, marking the first dip in 14 months. Here's our updated graph showing the national and Illinois rate since the beginning of 2007:
Of course, there are plenty of caveats. First, Illinois payroll declined by 19,200 jobs last month. Companies aren't expanding quite yet; they just aren't cutting as deeply. And while manufacturing gained 2,100 jobs, most were connected to the "Cash for Clunkers" program, which wrapped up in late August. In short, we still have a long row to hoe before unemployment drops from its highest levels in a quarter-century.
Congressional leaders realize this, which is why the House is expected to vote on an unemployment benefits extension bill (either H.R. 3404 or H.R. 3548) sometime next week. CQ Politics has the scoop:
The House is expected to take up an unemployment benefits bill next week that would extend the available safety net for jobless workers in states hit hardest by the recession.
The measure sponsored by Rep. Jim McDermott , D-Wash., would allow 13 extra weeks of benefits for workers in states where the unemployment rate has surpassed 8.5 percent. That would come on top of the emergency extensions approved in last year’s supplemental spending bill and this year’s stimulus.
CNN explains how the bill would be financed here. With governors from across the country and clouted leaders in the Senate expressing support for the measure, it has a good chance of passing in the coming weeks. We will keep you all updated.
Comments
unemployed in NJ (not verified) on Fri, 09/18/2009 - 13:47
I hope this passes and gets on the fast track,,,,,,,,,, I have no income for the last 3 weeks...... wife wants me to try harder but does not realize that I am on this computer faxing and e-mailing all day....
I will even settle for something less..... still no luck....
LW322 (not verified) on Fri, 09/18/2009 - 14:17
I'm in the same boat as you, the wife has been patient to a point but thinks I can just pull a job out of thin air, which I wish I could..Good luck to you!
Obamanation78 (not verified) on Fri, 09/18/2009 - 18:43
Yes I pray that this bill will pass in California. I have been without money for a month now. I had to pawn
alot of stuff in my house just to pay for my morgage. It's been really hard for the pass yr to find an engineering job. I feel that it only going to get harder as time passes without a job. Let's all pray that this bill will pass in the coming days. Please help us all to get us all back on track lord!
tony (not verified) on Sat, 09/19/2009 - 12:03
help-out of work for over 2 years-56 yrs old and cannot even get hired at mcdonalds
Anonymous (not verified) on Mon, 09/21/2009 - 13:22
God is going to make a way for you and not only you but for all of us. I believe it.
poor in illinois (not verified) on Sat, 09/19/2009 - 23:22
if they have the olympics here in chicago, no one can afford to go but o winfrey. everyjone else is unemployed and waiting for an exrtension.
Anonymous (not verified) on Sun, 09/20/2009 - 12:41
The reason it dropped is because thousands of peoples unemployment ran out in July just like mine. It will drop again next month when even more people loss their unemployment. If you are not drawing unemployment and you are looking for work you are considered part of the employed not unemployed.
The unemployment rate is a joke. A kid in elementary school could calculate this the way they do. When your unemployment runs out you are no longer counted as unemployed. The Government uses the number of persons filing claims for unemployment insurance (UI) benefits under State or Federal Government programs. But some people are still jobless when their benefits run out, and many more are not eligible at all or delay or never apply for benefits. So, quite clearly, UI information cannot be used as a source for complete information on the number of unemployed. In most states you will see the unemployment rate go down when it is really going up.This bill should be for everyone in every state. If you live in a state that does not meet the 8.5% raise hell to your congressman
Melinda (not verified) on Mon, 09/21/2009 - 11:22
Due to the fact that I have looking for employment for the past eight months - and have not found anything - and my unemployment expired - yes I think unemployment should be extended.
Anonymous (not verified) on Mon, 09/21/2009 - 11:44
Would this mean after you exhaust your EB benefits you would get another extension? If so would it just kick in and how long is it suppose to be? When is this suppose to happen? Thanks, and good luck finding work!!
Mark (not verified) on Mon, 09/21/2009 - 12:24
The reason it dropped is because most people in Illinois benefits stopped. President Obama seriously has to fix this. And give another extension. In Illinois the unemployment rate is above 10 %
Homeless veterans are sufferin in Illinois with NO JOBS!
There are no jobs in Illinois and people are getting desperate. Crime is rising in Illinois and many of the programs in Illinois are not helping American citizens. Veterans are homeless and not getting help. There is too much red tape in the city of Chicago for most programs to help people. There are only programs that only help welfare recipients or woman with children instead of helping men who have served in the military. It will continue to get worse and they need to fast track this and forget about Healthcare or the Olympics coming to Chicago. In Chicago the programs they have are not helping people the correct way they are taking federal money and having many requirements that most people in need can not complete. One is on the North side, they say they helpable people with pay heating cost but they do there best to reject people. Most people all these programs, the case workers sit around all day long doing nothing and get paid for it. At Stroger Hospital Todd Stroger has made sure no one can get a job there unless they are from his family. It will continue to get worse and I do not plan to vote in the next election for nobody!
Adam Doster on Tue, 09/22/2009 - 13:05
The House is scheduled to vote on the extension this afternoon. We'll be following the developments over here:
http://progressillinois.com/2009/9/22/unemployment-benefits-vote-today
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