Monthly Economic Report: Philadelphia College Graduates Enter Improved Labor Market


Audit Date: May 23, 2011

Audit Categories

  • Financial
Controller: Alan Butkovitz

Executive Summary


For Immediate Release:
May 23, 2011

Contact: Brian Dries
215-686-8869

Philadelphia College Graduates Enter Improved Labor Market
City Controller’s economic report looks at 28% increase in job postings
& improved conditions for non-farm jobs in Philadelphia area

Click here to view monthly economic report

PHILADELPHIA – City Controller Alan Butkovitz today released his monthly economic report that shows this month’s online job postings in the Philadelphia area were 28 percent higher than they were in April 2010; suggesting recent college graduates are realizing more job opportunities than last year’s graduates.

By reviewing the latest Monster Local Employment Index, an analysis of employer online recruiter activity, 19 of the 21 industries included in the index increased online job posting activity in the Philadelphia area since last year. Some of the industries that had increases included the following:

Industry

% Change

Life, Physical & Soc. Sciences

43.2%

Healthcare, Practitioners and Technical

35.3%

Bus. & Financial Operations

16.9%

Educ., Training & Library

15.4%

Comp. & Math

12.9%

Improved index readings for job opportunities in Philadelphia are reflective of the 13 percent decrease in the unemployment rate for 20-24 year olds nationally over this same period last year. Total non-farm jobs in the city are up .85 percent from April 2010 and 1.43 percent from April 2009, indicating continued improvement in the local job market. Total jobs in the region also increased from last year, with a .12% increase in the number of jobs in the Metropolitan Statistical Area.

Along with an economic outlook for recent college graduates, this month’s economic report also features a snapshot of tax revenues for the city. April’s City and PICA tax collections totaled $363 million. This amount marked a 5.9 percent decrease from April 2010, but a 9.7 percent increase from last month.

The Controller’s economic report is compiled on a monthly basis and includes an Economic Snapshot and Forecast, as well as real estate information and other local statistics. These reports are circulated every month to assist key decision makers in understanding and anticipating local and national economic trends. Both of these documents are a useful tool for policy makers and analysts in understanding our regional and local economy.

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