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With a score below 50 representing a decline in business,
Chicago Business Barometer researchers recently graded the city
at 43.8 on the strength of metrics that include supply chain
data, new orders, inventories, production, employment trends and
supplier deliveries.
At the same time, the city’s unemployment rate stands at 4.9%,
compared to 4.6% across the rest of the country.
“Obviously, it's not for want of natural assets,” Glennon told
The Center Square. “We've been blessed with things that most
cities in the world would kill for; the transportation system at
the center of the country, wonderful universities, all these
things were handed to us by previous generations. There's
nothing wrong with Illinois or our people. It's our government
that has failed us and it's because they have shown a total
indifference to fundamental economics and simple common sense.”
With the only employment gains over that time coming in such
sectors as education and health services, Glennon warns the
worst may still be yet to come.
“Perhaps the most damning figure of all is that in recent years
… any job growth that we have had has been from the government,”
he said. “Obviously, that doesn't work. Taxpayers have to pay
for those government jobs and taxpayers aren't there because
they're not employed. The sad fact is that Illinois has become a
drag on the national economy and Chicago increasingly is a drag
on the state of Illinois. Doom is the right word for it.”
Over the month of October, only supplier deliveries expanded,
with all the other sectors ranking below 50.
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