January 2013 unemployment rates increased but so too did the number of jobs in the Peoria MSA. The not seasonally adjusted unemployment rate for the Peoria MSA increased to 10% in January 2013 from 9.1% in January 2012. In Dec 2012 the rate was 8.3 percent. According to the Illinois Department of Employment Security (IDES), this increase was predicted. “Increases in the unemployment rate and newly created jobs are expected each January. The new year encourages employers to hire and workers to re-energize their work search,” IDES Director Jay Rowell said. “We now need to better understand how the federal budget reductions through sequestration will pressure the economy, especially consumer confidence and hiring efforts.”

On the jobs front…the Peoria MSA saw non-farm payroll employment increase by +800, led by Educational-Health Services (+1,300), Wholesale Trade (+200) and Government (+200). Declines occurred in Manufacturing (-400) and Professional-Business Services (-400).