PHILADELPHIA UNEMPLOYMENT DROPS TO LOWEST RATE SINCE DECEMBER 2008

Number of jobs in the city highest since 2003

 

Philadelphia, April 9, 2014– Philadelphia’s unemployment rate for February dropped to 8.3%, according to preliminary numbers released today by the U.S. Bureau of Labor Statistics (BLS).  The unemployment rate is now at its lowest level since December 2008, before the impact of the recession hit Philadelphia and cities across America.  BLS data for February also shows that the number of jobs in Philadelphia is at its highest point for a February since 2003.

 

“Today’s news is yet more evidence that Philadelphia is recovering from the effects of the Great Recession, that companies are investing, confidence in our city is strong, and that Philadelphians are getting back to work,” said Mayor Michael A. Nutter.  “When I travel around the city, I can plainly see the dramatic change in economic activity from just a few years ago, and one of the most noticeable indicators is the number of construction cranes that dot the skyline.  From the Navy Yard to Center City and into our neighborhoods, we’re seeing the arrival of new companies and expansion from our existing businesses.  While there are still far too many Philadelphians who are looking for quality, family-sustaining jobs, all of the signs are positive and Philadelphia is moving in the right direction.  Our Administration has had a sustained, unwavering focus on working with the business community to increase the number of jobs and opportunity for all Philadelphians, and with the release of these new statistics, we can see that our efforts are  paying dividends.”

 

Other highlights from the recent BLS data include:

 

  • The number of employed Philadelphians is at its highest point for a February since 2009.
  • The number of unemployed Philadelphians is at its lowest point since December 2008.
  • The drop in the unemployment rate can be attributed to employment gains and not a drop in the labor force as the number of employed Philadelphians increased by 4,200 from 588,984 in January to 593,183 in February and the labor force slightly grew by 700 from 646,220 in January to 646,940 in February.

 

“Philadelphia is increasingly a place of choice for new companies to get started, major corporations to grow, and neighborhood small businesses to thrive,” said Alan Greenberger, Deputy Mayor for Economic Development and Director of Commerce.  “We are working every day to aggressively make the case that Philadelphia is the place to be in order to grow your business and attract the kind of talented workforce that you need in order to thrive.  The latest employment data is a further indication that all of the trends are positive.”

 

Additionally, on April 5th, the Pew Charitable Trusts released Philadelphia: The State of the City, A 2014 Update report, which examines 14 indicators of Philadelphia’s condition and is an update to Pew’s more comprehensive Philadelphia 2013: The State of the City report.  The 2014 Update report found that in 2013, there were an estimated 3,800 more jobs in the city than in the previous year; and for the first time, the total was higher than in 2008, the last year before the Great Recession occurred.

 

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To see the BLS data visit: http://www.bls.gov/eag/eag.pa_philadelphia_co.htm.

 

To see the Pew Charitable Trusts report visit: http://www.pewtrusts.org//uploadedFiles/Philadelphia-State-of-City-report.pdf.

 

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