For Immediate Release:
Jan. 29, 2010
Contact: Brian Dries
City’s Unemployment Drops After Six Months of Increases
Controller’s economic report shows unemployment rate
declines by half a percentage
PHILADELPHIA – After realizing six consecutive months of increases, Philadelphia’s unemployment rate dropped by half a percentage point from the previous recording month putting the overall figure at 10.6 percent.
The data was released today as part of City Controller Alan Butkovitz’ Monthly Economic Snapshot and Forecast. It is only the second time in the last 14 months that the City’s unemployment rate declined from the previous month.
Pennsylvania’s seasonally adjusted unemployment rate rose to 8.9 percent in December, up four-tenths of a percentage point from November, but still below the national rate of 10 percent.
Philadelphia’s December unemployment rate is not yet available because local statistics are a month behind national data.
The Economic Snapshot and Monthly Forecast are compiled by the Financial and Policy Analysis staff. The City Controller’s office circulates these documents on a monthly basis to assist key decision makers in understanding and anticipating local and national economic trends.
The Monthly Economic Snapshot presents key economic data for the United States, the Greater Philadelphia Region, and the City of Philadelphia. The Monthly Economic Forecast Review is a collection of projections from prominent economic institutions and an analysis of their forecasts of future economic performance. These two documents together — the Snapshot and the Forecast Review — are a useful tool for policy makers and analysts in understanding our city’s and country’s economy.