Chicago Sees Jobs Rebound: Study

Great news for job hunters. Chicago's job market is doing better than most major cities, according to an independent study released Wednesday.

The University of Chicago report authored by economist Austan Goolsbee shows the city's labor market improved at an impressive rate over last year with May's unemployment rate at 9.8 percent, down from 11.5 percent in May 2011.

It's big news considering the Windy City barely improved for the three previous years, and this time last year Chicago did worse than most major cities when it came to the jobs market.

While 9.8 percent unemployment still marks the third highest rate among big cities, Goolsbee reports the picture has improved since Mayor Rahm Emanuel took office. Since last year, the number of people without jobs dropped more in Chicago any other U.S. big city, according to the study.

Right now there are 28,000 more people with jobs in Chicago compared to a year ago, and the number of workers looking for a job dropped by almost 20,000.

Houston was the only U.S. city that created more jobs than Chicago.

The study's author is a former advisor to President Barack Obama and worked in the White House with Emanuel.

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