norvax, CVS Lead November layoffs as Illinois Sheds 1,192 Jobs
Illinois businesses reported 1,192 layoffs in november, according to data from teh Illinois Worker Adjustment and Retraining Notification Act (WARN). The cuts spanned multiple sectors and regions, signaling potential headwinds for the state’s economic climate.Norvax and CVS Health accounted for a critically important portion of the job losses, with 349 and 288 layoffs respectively.
These figures, while not a comprehensive snapshot of the entire Illinois job market, offer a crucial look at recent workforce reductions within larger companies. Employers are required to report major layoffs to the state under the WARN Act, providing insight into emerging trends affecting Illinois workers. the layoffs come as illinois’ business tax climate has slipped to 38th nationwide, raising concerns about the state’s economic competitiveness.
Chicago experienced the largest impact, with 714 layoffs.Collar counties surrounding Chicago reported 209 job losses, while northern Illinois outside of Cook and the collar counties saw 208.southern Illinois recorded the fewest layoffs, totaling 55.
Of the total layoffs, 552 were attributed to company closings, and 487 were classified as layoffs not linked to full closures. Reasons cited included financial difficulties, broader business restructurings, and contract losses.
Illinois policymakers are advocating for comprehensive reforms to bolster the state’s economic standing. Proposed solutions include reducing excessive occupational licensing, expanding school choice options, lowering the state’s No.1 property tax rate, decreasing its third-highest corporate income taxes, and investing in apprenticeship programs.These measures aim to retain businesses and jobs within Illinois.
