Greater Peoria’s labor market is stable. That’s according to Bradley University’s quarterly Composite Index of Business and Economic Indicators.
Analysis shows the number of people entering the labor force grew by one-point-six percent last quarter when compared with the same quarter in 2017.
The report shows job gains in manufacturing, professional and business services, education and health services. Hospitality and entertainment payrolls fell nearly two-percent during the last three months of 2018. Voluntary employee turnover - or “quit rate” - contributed to the loss of hospitality and entertainment positions.
The Composite Index also shows greater Peoria’s economy is stable. The report assigns the Peoria-Pekin Metropolitan Statistical Area a fourth quarter 2018 Index value of 101-point-six. A value over one-hundred is deemed favorable.
Solid fourth-quarter home sales, slightly increased retail sales totals and stronger employment payroll contributed to the favorable economy.
The Composite Index reviews 30 diverse business indicators in Peoria, Tazewell, Woodford, Stark and Marshall counties. It’s compiled by Bradley University’s Departments of Economics and Management and Leadership in the Foster College of Business.
