Stability is the keyword to describe the Peoria area economy, at least for the first three months of 2016.
That's demonstrated by the quarterly SCOPE (Statistical Composite of the Peoria Economy) report. The report is issued quarterly by the Bradley University Center for Business and Economic Research.
In an interview during Sound Ideas, center director Bernard Goitein said the data show overall stability in local business conditions, as area residents and employers deal with a changing business environment, with declines found in some areas offset by growth in others.
"The number of area residents who are working during the first quarter of 2016 was down from the previous quarter, but up from a year ago. But declines weren't really from the employers' side, layoffs and things like that. But the new unemployment claims index fell 21 percent from the previous quarter and actually went below last year's level," Goitein said.
Instead, Goitein said the job losses are coming on the employee's side, or what he calls the quit rate.
"Some of these are retirees, but a lot of people are quitting their jobs to go back to grad school or search for something better. In a way, this is a positive sign that people feel confident they can better themselves," added Goitein.
Goitein said job seekers disappointed by currently available jobs with area employers may turn to self-employment. If successful, he said these new entrepreneurs would be counted as working, and reduce the local unemployment rate.
Read a summary of the report
