At 10.7%, Chicago jobless rate starts to slide

Unemployment in metro Chicago fell in July, the first decline in 10 months. The jobless rate fell to 10.7% in July from 11.3% in June, according to the IL Dept of Employment Security. Still, the July remained close to a 26-year high & was well above the 2008 reading of 6.9%. Nationwide, job losses slowed recently. The Dept of Labor earlier reported companies cut 247,000 jobs in July, the smallest amount in almost a year. Also, the U.S. unemployment rate dropped to 9.4% in July from 9.5% in June, its first drop in 15 months. Chicago & the other 11 IL metro areas likely will lag the nation as it emerges from the recession.