Illinois’ unemployment rate dropped slightly in February from 5.6 percent to 5.5 percent, according to the U.S. Bureau of Labor Statistics. Despite the small decline, the state’s jobless rate remained above the national average of 4.8 percent. According to the state’s Department of Employment Security, Illinois has led the Midwest in job growth since January of 2004. Approximately 34,000 jobs have been created in the past year, many of which were added in the Chicago area.

Despite the decrease in unemployment and steady job growth in the area, the housing market crisis is still effecting area employment. National City Mortgage began layoffs on March 15th with plans of doing away with 51 jobs in Chicago. According to the Chicago Tribune, this is at least the ninth mortgage lender in Illinois to announce layoffs since April of 2007. Over 1,420 jobs in Chicago have been lost through reductions in staff at various mortgage lenders in the last eleven months.

National City Mortgage is doing away with these jobs in Chicago as part of their exit from the wholesale mortgage lending, which means that the loans originate through a mortgage broker network. National City plans to shift their focus to retail mortgages, eliminating the middle man and lending directly to consumers at its mortgage office and bank branches. The Chicago jobs that will soon be done away with were located at the lender’s 2300 N. Barrington Rd. office in Hoffman Estates.

Labels: Chicago Jobs