Philadelphia Unemployment Rate

Philadelphia Unemployment Rate Philadelphia Unemployment Rate Philadelphia Unemployment Rate With a jobless rate of 5.0 percent in December 2014 according to the Bureau of Labor Statistics (BLS) just a few points below the average US unemployment rate at the time Philadelphia workers fared relatively well throughout 2014. Philadelphias unemployment rate was just below the rate in nearby New York City but slightly above the jobless rate in the Washington, D.C. metro area. Unemployment rates throughout the Philadelphia metro area fluctuate slightly, depending on the county. Overall, though, Pennsylvanias largest city remains the economic center of the Delaware Valley. While Philadelphia finished 2014 on a positive note, the citys unemployment situation didnt look quite as promising earlier in the year. The Philadelphia unemployment rate spiked in January 2014, when it escalated to nearly 9 percent. After a gradual decrease throughout the winter and early spring, the city experienced additional unemployment spikes in May and August. Philadelphia Unemployment During the 2008 Recession and Its Aftermath While Philadelphia certainly wasnt immune to the 2008 recession, the metro area wasnt hit as hard as some others. Like many other cities across the United States,Philadelphias worst jobless rates were seen inearly 2010, when the city and most of the nation still strongly felt the effects of the recession. In Philadelphia, the unemployment rate spiked at 9.4 percent in January and February 2010, which was noticeably lower than the highest national unemployment rate of 10 percent around the same time period. Unemployment in Philadelphia in 2011 and Beyond Following the 2008 recession and its aftermath, the Philadelphia area recovered slowly, much like the rest of the nation. The metro area saw a gradual decrease in unemployment from 2010 onward, aside from occasional spikes. Long-established industries like biotechnology, information technology, and manufacturing contributed to the citys recovery from the recession. Philadelphias Major Industries and Their Impact on Unemployment In 2014, the largest industries in Philadelphia were education and health services, trade and transportation, professional and business services, government, and leisure and hospitality. The city also serves as home to numerous Fortune 500 and Fortune 1000 companies, including Internet and cable television provider Comcast, pharmaceutical producer GlaxoSmithKline, insurance providers CIGNA and Independence Blue Cross, and chemical producer Rohm and Hass. Between 2013 and 2014, employment in the government, manufacturing, and leisure and hospitality sectors all decreased by at least 1 percent. The local government sector showed the largest decrease in employment, at 4 percent. If these industries continue to shrink, they may contribute to increased unemployment in the future. New Hiring Opportunities in Philadelphia While some industries in the Philadelphia metro area show signs of shrinking, others show signs of serious growth. Although the construction industry isnt yet a major employer in the Philadelphia area, it may be soon. Between 2013 and 2014, area employment in this industry grew by an impressive 10 percent. Industries that grew significantly throughout 2014 include finance and trade, transportation, and utilities. As the home to the Philadelphia Stock Exchange, the city hosts a growing finance and trade industry that may continue to improve Philadelphias unemployment rate. Other industries, such as information, education, and health services, indicate steady employment throughout 2014. Home to numerous universities, including the University of Pennsylvania and Drexel University, the Philadelphia economy creates jobs for both academics and qualified graduates. Across all industries, workers in Philadelphia likely hope that the areas wages continue to increase. While average Philadelphia wages are traditionally higher than the national average, they dove below national standards for most of 2014. As of December, Philadelphia wages have again approached the national average, a good sign for both employers and employees. A key measure of labor supply, the unemployment rate is defined as the percentage of the total labor force that is unemployed but actively seeking employment and willing to work. Use the links below to see unemployment trends from the 28 major metropolitan markets: Atlanta Detroit New York City San Francisco Boston Houston Philadelphia Seattle Chicago Los Angeles Pittsburgh Washington, D.C. Dallas Related Resources Post a Job: Philadephia