P R E S S R E L E A S E
For Immediate Release:
July 28, 2009
Contact: Brian Dries
City’s Unemployment Rate Increases to 10.2%
Controller releases monthly economic report
PHILADELPHIA – City Controller Alan Butkovitz today released the June Economic Snapshot and Forecast that shows the City of Philadelphia’s unemployment rate reached 10.2 percent, a three percent increase from one year ago.
While the City’s unemployment rate increased, Pennsylvania’s rate was unchanged at 8.3 percent, which is below the national rate of 9.5 percent.
Indicators of future activity fell slightly but manufacturers are expecting improved conditions later this year. For the third consecutive month, the percentage of manufacturers expecting employment to increase over the next six months exceeded the percentage expecting decline (22 percent vs. 9 percent).
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.