Illinois unemployment rate jumps
The state’s massive influx of unemployment applications is akin to a natural disaster and a recession wrapped up in one, U of I economics professor Alexander Bartik said.
He said once the economy can open back up and the right policies put in place, the economy can get back to where it was before the crisis.
Illinois had the lowest unemployment level in its history in February. That changed in March with a ten-fold increase in unemployment claims.
Illinois could get $4.9 billion in federal stimulus
As the U.S. Congress prepares to send the president a $2.2 trillion COVID-19 relief package, analysts with Fitch Ratings are warning state and local governments their share of $150 billion won’t offset lost revenue from the economic downturn.
They say those funds, of which Illinois could get $4.9 billion, will likely only cover costs, not lost tax revenue.
Nonessential business struggle amid outbreak
Gov. J.B. Pritzker’s order last week closing nonessential businesses amid the COVID-19 outbreak is likely to lead to the end of business for some maintenance chiropractors.
That’s according to Todd Austin, a maintenance chiropractor in Virden. He said he and other maintenance chiropractors were at the governor’s mercy and expects some businesses to never reopen their doors.