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 668,596 – an increase of over 4,500 more employed. The unemployment rate in November 2016 fell by more than a percentage point to 6.3 percent. The unemployment rate fell even though the number of workers in the labor market did not change – suggesting a true increase in employment. The number of Philadelphians in the labor market was 713,470 in November 2016. Demand for workers grew and the labor market tightened. The number of workers unemployed fell to 44,874 in November 2016.
Unemployment Rate: The unemployment rate in November 2016 was 6.3 percent. The unemployment rate fell but increased by .5 percent over the year given the large increase in the number of workers in the labor force from November 2015 through November 2016.
Unemployment: Fewer than 45,000 individuals were unemployed. The number of unemployed individuals fell by 4,500 workers compared to a month earlier but increased by 4,500 workers compared to a year earlier — November 2015.
Employment: More than 668,000 workers were employed in November 2016. The number of employed individuals increased significantly by 44,584 workers. More than 9,000 more workers were employed compared to a year earlier – November 2015.
Labor Force: The labor Force slowed in growth as the labor market tightened. Over 713,000 individuals were in labor force in November 2016; more than 14,000 more workers 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).