Wednesday, May 28, 2014

May Biz Barometer

The Pekin area economy showed some improvement this month, as the labor picture improved locally and throughout the region and state.  However, sales tax receipts continued to lag behind last year and the other Tazewell communities.

J The unemployment rate in Pekin was 7.8% in April, down from 9.6% in March and 9.1% in April of 2013.  That is the lowest unemployment rate in Pekin since May of 2012.
J 15,550 people were employed in Pekin in April.  That is up 390 from March and is the highest since August of 2013.
J Total nonfarm payroll employment in the U.S. rose by 288,000, and the unemployment rate fell by 0.4 percentage points to 6.3 percent in April.  Employment gains were widespread, led by job growth in professional and business services, retail trade, food services and drinking places, and construction.
L Pekin's May sales tax disbursement from the state was down 14.9% compared to the same month a year ago.  The 3-month running average was down 16.5% and the 12-month running average was down 7.3%.
J The other large Tazewell County communities all showed growth in their May disbursements from the state, compared to a year ago:  East Peoria +9.0%; Washington +.9%; and, Morton +0.4%. 
L May sales tax disbursements for the four large Tazewell County communities as a whole, were down 1.5% compared to May of 2013.
J The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in April on a seasonally adjusted basis. Over the last 12 months, the all items index increased 2.0 percent before seasonal adjustment.
 

(Source:  Peoria Area Association of Realtors, Illinois Department of Revenue, Bureau of Labor Statistics, Illinois Department of Employment Security)

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