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 3000 more employed. The unemployment rate in February 2017 remained at 6.0 percent. The unemployment rate was static despite the growth in employment as the number of workers in the labor market also expanded to 709,061 as the demand for workers grew and the labor market tightened. Just fewer than 50,000 individuals were unemployed in Philadelphia in February 2017.
Unemployment Rate: The unemployment rate in February 2017 was 6.0 percent. The unemployment rate was static during the last two months, but only increased by .1 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 stayed the same compared to a month earlier and only increased by 18 workers compared to a year earlier – February 2016.
Employment: More than 664,000 residents were working in February 2017. The number of employed individuals increased from the previous month. There are 3,570 more workers employed compared to a year earlier – February 2016.
Labor Force: The labor force continues to grow as the local economy expands and demand for workers grow. Over 700,000 individuals were in the labor force as of February 2017. Worker participation increased by 4,582 which is more than the previous month and over 3,588 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 November, the unemployment rate was 6.3 percent as the number of residents employed increased exceeding the growth in labor market participation. Employment increased in November 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).