ABOUT PHILADELPHIA’S LABOR MARKET IN MARCH 2016
FAST FACTS ABOUT PHILADELPHIA’S LABOR MARKET IN OCTOBER 2016
Philadelphia city experienced continued slow growth in employment to 664,483 – an increase of over 700 more employed. The unemployment rate in October 2016 remained at 7.0 percent. The unemployment rate was static despite the growth in employment as the number of workers in the labor market also expanded to 714,487 as the demand for workers grew and the labor market tightened. Just fewer than 50,000 individuals were unemployed in Philadelphia in October 2016.
Unemployment Rate: The unemployment rate in October 2016 was 7.0 percent. The unemployment rate was static during the last 2 months but increased by .8 percent over the year given the large increase in the number of workers in the labor force.
Unemployment: Just fewer than 50,000 individuals were unemployed. The number of unemployed individuals fell insignificantly compared to a month earlier but increased by almost 7,000 workers compared to a year earlier — October 2015.
Employment: More than 664,000 residents were working in October 2016. The number of employed individuals increased marginally from the previous month. However, 10,795 more workers were employed compared to a year earlier – October 2015.
Labor Force: The labor Force continues to grow as the local economy continues to expand and demand for workers grows. Over 714,000 individuals were in labor force in October 2016. 624 more workers participated to the previous month but over 17,000 compared to the previous year.
The charts below show the percentage changes in the employment, labor force, and unemployment since January 2010 – the year when unemployment reached its peak after the Great Recession. In May 2014 employment across the nation has returned to the pre-recession levels. Philadelphia County experienced a different recession story – Philadelphia had decreases in employment later compared to the nation and Pennsylvania and the decreases were not as deep locally as statewide or nationally. Philadelphia returned to the pre-recession employment levels in January 2010. In October, the unemployment rate was 7 percent as the number of residents employed kept pace the growth in labor market participation. Employment also increased in October 2016 and reached an all-time high for the city.
Computer and Mathematical; Management; Healthcare Practitioners; Sales and Related; Business and Financial Operations; and Office and Administrative Support occupations were the most advertised occupational families with over 2,500 postings in each group. Compared to September 2015, the volume of postings fell in these top occupational families except for Healthcare Practitioners. Highest decreases were in Sales and Related Occupations (20.9 per) and Computer and Mathematical occupations (15.1 percent).