Sept 07
Report Shows Illinois Job Loss at Highest in Two Years
The Illinois Coalition for Jobs, Growth and Prosperity’s monthly Jobs Index MSA Report released on September 2 shows that Illinois has lost more jobs in July than any other month over the past two years. The report, which contains data compiled by the University of Illinois’ Regional Economics Application Laboratory, indicates that Illinois and the rest of the Midwest failed to mimic national trends in the month of July. The nation as a whole added approximately 92,000 jobs while the Midwest lost nearly 24,000 jobs in that same period. Illinois lost approximately 11,500 between June and July. Those sectors in the state that suffered the most were government and trade, transportation and utilities, while the manufacturing and leisure and hospitality industries managed to enjoy job growth during that time frame.
The full MSA report, which provides a localized picture of Illinois job trends, may be viewed here.
Study Shows Midwest May Have Edge in Investing in Biotechnology
Michael Rosen, a founder and board member for the Illinois Biotechnology Industry Organization, reviews a study recently published in Genetic Engineering News that examines the cost of doing business for a biotech firm in different regions across the U.S. and Canada. Biotech Study
Recession on the Horizon?
Although the nation as a whole enjoyed job growth over the month of July, that trend did not continue on into August, with job figures released on September 7 showing that the nation fared far worse than anyone had anticipated during the previous month. The latest figures show that job loss totaled approximately 4,000; the first loss in jobs at the national level since August 2003. That report, coupled with fallout from the national credit crunch, a downturn in the housing market, and escalating oil and gas prices has many economists speculating that if trends continue, the nation could be heading towards a recession.
The following articles offer some thoughts and perspectives on the fate of the U.S. economy, including former Federal Reserve Chairman Alan Greenspan’s thoughts on the situation:
Internal Revenue Service (IRS) and U.S. Department of Housing and Urban Development (HUD) to Host Webcast on Business-Friendly Tax Incentives
The IRS and HUD are hosting a webcast on October 11 from 1-3 pm (CST) that will provide an overview of tax incentives for Renewal Communities (RCs) and Empowerment Zones (EZs), as well as updates on changes to these incentives. A panel of IRS experts will address employment credits, work opportunity tax credits (WOTC), commercial revitalization deductions (CRD), increased Section 179 deductions, and other incentives that can help foster business growth.