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Unemployment Report: Oswego Unemployment Rates Fell Slightly in November 2012

With a fiscal cliff looming, the Department of Employment Security said last month that a solution was necessary to help improve jobless rates.

Unemployment rates in Illinois dropped slightly from October 2012 to November, to 8.2 percent, and are a full percentage point compared to 2011, according to new figures released last week. 

November local unemployment rates fell in 11 of 12 metro areas compared to last year, according to data released by the U.S. Department of Labor and the Illinois Department of Employment Security.

In Oswego, the unemployement rate dropped 0.1 percent from November 2011 to November 2012 to 7.3 percent. 

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Kendall County overall saw a decrease of 0.9 percent from November 2011 to November 2012 to 7.0 percent.

"The trend of falling unemployment rates across Illinois shows that our economy continues to improve," IDES Director Jay Rowell said. "The largest challenge to local economic growth is the fiscal cliff. Economic progress could slow at every level and we risk another recession if Congress does not work together to craft a solution."

Last week President Barack Obama signed into law the American Taxpayer Relief Act, which aims to increase taxes on the wealthy and also extends expiring jobless benefits.

IDES generally reports unemployment figures for municipalities with populations of 25,000 or more people. The numbers measure unemployment for residents who live in a certain town, not those who work in the town. 

Statewide the unemployment rate dropped from 8.4 percent in October 2012 to 8.2 percent in November. Compared to October 2011, unemployment in Illinois has dropped 1 percent. 

The U.S. average unemployment rate was 7.4 percent in November 2012. 

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KENDALL/WEST WILL

Nov. 2012 Oct. 2012 Nov. 2011 % Change Over Month % Change Over Year Bolingbrook (Will County portion) 7.8 7.9 8.7 -0.1 -0.9 Joliet 10.1 9.8 11.5 0.3 -1.4 Naperville (Will County portion) 6.6 7.1 7.3 -0.5 -0.7 Oswego 7.3 7.4 7.4 -0.1 -0.1 Plainfield 6.8 6.9 7.7 -0.1 -0.9 Romeoville 7.9 8.2 8.9 -0.3 -1.0 Kendall County 7.0 7.1 7.9 -0.1 -0.9 Will County 8.1 8.1 9.3 0.0 -1.2 Illinois 8.2 8.4 9.2 -0.2 -1.0 U.S. Average 7.4 7.5 8.2 -0.1 -0.8

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