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More Chicago jobs were lost in July, and the area’s unemployment rate continues to increase.
In July, Chicago’s unemployment rate came in at 7.5 percent, an increase from 5.4 percent last year. Overall, the city has lost 2,700 jobs, according to an article by NBC5.com.
Illinois‘ unemployment rate rose to 7.3 percent in July from 5.1 percent last year, and all metropolitan areas in the state reported unemployment increases.
One company is cutting even more jobs in Chicago and elsewhere.
Motorola Inc. announced earlier this month is would cut 2,600 more jobs in an effort to save $500 million in annual revenue to help cope with declining revenue, according to an article from Chicago Business.
Many of the specific job cuts have already been announced, including 700 employees in Singapore, 355 positions in Plantation, Fla. and 60 jobs in Birmingham, England. The company has not announced exactly how many Chicago jobs it will cut, but the company employs 15,000 people in the city.
The expansion of a nearby national laboratory could create new Chicago science jobs.
Argonne National Laboratory is bidding for a government-funded research facility that would create hundreds of new jobs.
According to a ChicagoBusiness article, the laboratory wants to house a $550 million facility for rare isotope beams to conduct fundamental physics research, a project recently approved by the federal government after being delayed for many years. The facility also would be used to conduct research into the origins of elements.
Despite problems on Wall Street and in other corners of the country, people are finding many opportunities for Chicago finance jobs.
According to a recent article in the Chicago Tribune, finance jobs in Chicago have remained strong-and even continue to hire new employees-despite the fact the city’s unemployment rate rose to 6.8 percent in June. Job postings for trading firms in the city can offer salaries as high as $600,000, while the average Chicago wage equals $45,710.
Mesirow Financial, based in Chicago, has entered discussions with more than 30 traders, bankers and investment managers. The firm also recently hired executives who previously worked for Bear Stearns Co., including the head of the company’s municipal bonds desk.