Study: Unemployment Won’t Get Much Better Anytime Soon
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CHICAGO (CBS) – An economic forecast, released Monday by the U.S. Conference of Mayors, projects a very slow recovery for Chicago and other metropolitan areas.
As WBBM Newsradio 780’s Regine Schlesinger reports, the study projects a snail-like pace of recovery in the jobs market.
The report for the study, released on the final day of the conference in Baltimore, said many metro areas won’t return to pre-recession employment levels until the next decade.
LISTEN: Newsradio 780’s Regine Schlesinger reports
For the Chicago area, the projection calls for an 8.6 percent unemployment rate this year, compared to 9.5 percent last year. The rate is expected to drop to 8.2 percent for next year, and 7.9 percent in 2013.
The study doesn’t expect a return to peak employment for the Chicago area until late in 2014.
Seventy-five of the 363 metro areas in the study are likely to be plagued by double-digit unemployment through at the end of this year, and 48 won’t return to peak employment until 2020 or beyond.