Peoria Area Economy Leads To Favorable Job Market
The Peoria metropolitan area is experiencing low layoff rates and more jobs being advertised, leading to a favorable job market.
That’s according to Bradley University’s fourth-quarter composite index.
Professor Bernard Goitein helps develop the quarterly report.
“We found increasing numbers joined the labor force and found work. Which boosted the number of working residents by 1.6 percent from the year before," he said.
He said all of this together led to more residents looking for work in the Peoria MSA region.
“It attracted Peoria MSA residents to look for work, and that boosted the local unemployment rate to 5.1 percent from 4.8 percent a year ago," he said.
The report shows job opportunity increases were most noticeable in business cycle sensitive industries, like manufacturing and professional and business services.
Goitein also pointed out that less people are working a second job, which has led to an elevated quit rate throughout the Midwest.
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