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According to the U.S. Department of Labor, unemployment claims
in November for Illinois increased by over 1,300 for the week
ending Nov. 18. Those claims are the fourth highest in the
country during that week.
Despite Illinois historically trailing the national average in
terms of total unemployment rate, Illinois Policy Institute
Dylan Sharkey said businesses with under 50 employees have been
able to grow.
"Small businesses are critical to Illinois' economy. They are
responsible for most of the new jobs created," Sharkey told The
Center Square. "Businesses with 50 employees or fewer created
nearly half of the new jobs in Illinois in 2022."
Sharkey said businesses are growing despite a tax system that
works against them.
"They added more than 51,000 jobs to the economy, and operating
a business in Illinois is particularly challenging with its tax
climate and burdensome regulations," Sharkey said. "Businesses
across the country are dealing with inflation and supply chain
issues, but Illinois has the second highest property taxes in
the nation, so that is a major hurdle unique to small business
owners in our state."
Small businesses could be the backbone of the state if a
recession occurred, he said.
"Nationwide, there is speculation of a recession coming, and
small businesses would be the most vital to Illinois' economy in
weathering the effects of that," Sharkey told The Center Square.
Small businesses in Illinois have added more than 86,000 jobs
since before the pandemic.
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