Monthly Economic Report – Philadelphia’s Job Availability & Wages Increase

Audit Date: August 28, 2013
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release:
August 28, 2013

Contact: Brian Dries

Philadelphia’s Job Availability & Wages Increase
City Controller’s economic report reviews latest jobs data
comparing the unemployed & job openings

July 2013 Economic Report

PHILADELPHIA – City Controller Alan Butkovitz today released his latest economic report that found the City of Philadelphia’s unemployed persons per job ratio was 1.77, which represents the number of unemployed persons on average there are for every job opening.

At the end of June, there were 37,975 jobs advertised online for employment in the City and 67,300 Philadelphians recorded as unemployed.

By analyzing the Pennsylvania Department of Labor’s Local Area Unemployment Statistics and Online Advertised Job Data, it was found that the City’s ratio has trended downward since the recession when it stood at 6.91 in June 2009. The largest decrease was between June 2010 and June 2011 when it declined from 6.78 to 2.31. Prior to the recession in June 2008, the City’s ratio was 0.68.

While the City’s ratio is declining, it’s still above the Philadelphia MSA (five-county region) and state’s ratios of 1.53 and 1.61, respectively. The United States ratio is 3.0.

In addition to job availability in the City of Philadelphia, the entry level wage for job openings increased from $21,395 in June 2008 to $31,290 in June 2013. The mean wage increased by $14,000 during the same period, from $57,281 to $71,300.

Along with a review of jobs data, the report also shows that City General Fund tax revenues totaled almost $170 million for July, which included $21.6 million for sales tax revenues. Sales tax collections were a three percent increase from what was collected last July.

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.