Economist Dr. Arthur Laffer (the "Laffer Curve") was on the radio the other day talking about the current state of the U.S. and world economies. In the course of his discussions he made an interesting and basic analysis of the unemployment rate in the U.S. and average or median wages (for this example, take your pick).
Many decry that wages aren't growing at a faster rate. Laffer says with virtual full employment that's what you'll have because previously unemployed workers enter the statistical base and lower the average. He says, "Which would you rather have though, an unemployed worker or one that is employed with an entry wage? He maintains that slowing or static wages is GOOD! (as long as unemployment is low).
But we digress. Unemployment in Central Illinois, while likely to tick up over winter as always (due to construction jobs) dropped again.
McLean County tallied a 2.7 percent jobless rate last month, down from 3 percent in September. McLean County tied with DuPage, Moultrie and Piatt counties.
The national jobless rate in October was 4.4 percent, slightly above the Illinois rate of 4.1 percent.
Woodford and Brown counties had the lowest rate, at 2.5 percent in October. Woodford County posted a 2.8 percent rate in September.
DeWitt and Ford counties' unemployment each dropped from 3.6 percent in September to 3.2 percent last month.
LaSalle County's jobless rate dropped from 4.5 percent to 4.3 percent in October.
Unemployment decreased in Livingston County to 3.2 percent, from 3.7 percent in September.
In Logan County, unemployment fell from 4.1 percent in September to 3.7 percent in October.
Tazewell County's unemployment rate dropped from 3.4 percent to 3.2 percent in October.
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