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Thursday, September 19, 2024

Revised unemployment figures highlight economic challenges faced by small businesses

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State Senator Dave Syverson | Illinois General Assembly

State Senator Dave Syverson | Illinois General Assembly

The U.S. economy is showing signs of strain with new data revealing fewer jobs added in 2023 and early 2024 than originally reported, according to State Senator Dave Syverson (R-Cherry Valley).

The U.S. Department of Labor’s revisions cut job growth estimates by 28 percent, and July numbers show Illinois is now tied for the second-highest unemployment in the nation. Meanwhile, small businesses in the state are struggling more than ever, with many making less money than last year as new tax hikes present additional challenges.

Recent data shows that job growth across the country hasn’t been as strong as initially reported. The U.S. Department of Labor released revised job numbers on Aug. 21, revealing that around 818,000 fewer jobs were created during the past year than originally thought. The revised numbers are a sign that fault lines in the labor market are deeper and began shifting earlier than previously known.

Senator Syverson says the situation is particularly difficult in Illinois. The unemployment rate jumped to 5.2 percent in July, tying for the second-worst in the country. This means more than 341,000 people in Illinois are looking for work.

Job creators in Illinois are also feeling the pressure. A recent survey by Alignable found that 58 percent of small businesses are making less money than they did last year—a 7 percent increase from the previous month. To make matters worse, Gov. JB Pritzker just signed nearly $1 billion in new tax hikes into law.

Across the country, 73 percent of small-business owners say they’re earning less than they did last year. More than 80 percent of these small businesses in industries like manufacturing, beauty salons, and real estate are seeing big drops in revenue, making it a challenging time for job creators everywhere.

This economic landscape paints a challenging picture for Illinois families. As the job market falters and new taxes take their toll, many families are finding it harder to make ends meet. The latest data is a stark reminder that the economy remains fragile, leaving many in Illinois uncertain about what the future holds.

Senator Syverson voted against the Governor’s recent tax hikes, warning they will hamper job growth and raise costs for Illinois residents. He believes these tax hikes are driving more people and job creators to leave the state.

The Illinois State Police have officially concluded their investigation into Heinz Funeral Home in Carlinville, with findings now in the hands of Macoupin County State’s Attorney. This investigation highlights the importance of oversight within the funeral home industry, particularly in handling human remains.

In September 2023, Sangamon County Coroner Jim Allmon announced that his office had started an investigation into Heinz Funeral Home/Family Care Cremations in Carlinville after numerous families reported receiving incorrect cremated remains.

In response to concerns raised by this and similar cases legislative measures were proposed throughout spring legislative session to prevent future incidents and hold funeral homes to higher standards.

Senate Bill 2643 creates new regulations to hold funeral homes accountable establishing a tagging system for all human remains ensuring they are returned to correct next of kin and mandates detailed chain-of-custody documentation for all deaths in Illinois.

Illinois drivers will soon have option to choose between four-year or eight-year driver’s license thanks to new legislation recently signed into law.

Senate Bill 275 requires Secretary of State establish rules for this process by January 1st 2027 with new options available motorists by July first same year.

This change aims reduce frequency visits DMV offering convenience drivers aligning Illinois other states already offer longer license validity periods cost eight-year license will be $60 double cost four-year license

This new law expected ease challenges motorists face when scheduling appointments driver services facilities providing greater flexibility reducing wait times

A new measure was recently signed into law enhance transparency public access information regarding proposed tax levy changes local governments

Senate Bill 3567 amends Illinois’ Truth-in-Taxation law require taxing bodies prominently display notices near top websites minimum thirty days Under existing Truth-in-Taxation law taxing bodies required publicly disclose intention raise tax levy more five percent New law require online visibility addition current mandate notices published local newspapers

Dual approach designed maximize reach effectiveness public disclosures providing residents multiple opportunities stay informed potential increases property taxes

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