Chicago Overview

With a workforce of nearly 5 million, Chicago is the third most-populous US city. Chicago job conditions, which dipped in mid-2011, have started to strengthen again. According to PNC’s “Chicago Market Outlook,” the Windy City’s long-term economic outlook is positive due to the city’s position as an “engine of economic growth” for the US and its “diverse, productive and affluent” population.

Chicago Job Opportunities

In addition to its broad array of cultural and tourist attractions, Chicago also benefits from a bustling convention business and a strong base of educational and healthcare institutions.

Aided by busy O’Hare International Airport, the city’s inland port and the fact that half the nation’s freight trains pass through, the trade sector dominates employment in Chicago. Other key industries include professional/business services and education/health services. Over the past year, jobs in Chicago have expanded in construction, as well as in professional/business services and education/health services, while the financial activities, government and other services sectors lost jobs.

Chicago Employment Trends

Chicago hiring conditions are on the upswing, although there is still considerable room for improvement. After a three-year decline, the city’s employment base started to grow again in 2011. And after hitting double digits in mid-2011, the Chicago unemployment rate has gradually improved, but is still significantly higher than it was five years ago. Online hiring, which dipped for several years, is also improving.

Moody’s Analytics expects Chicago jobs to increase 0.6 percent between Q2 2012 and Q2 2013, less than the 1.3 percent increase expected in the US job supply.