Monthly Economic Report: Philadelphia’s Unemployment Improves Slightly

Audit Date: December 20, 2011
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release:
December 20, 2011

Contact: Brian Dries

Philadelphia’s Unemployment Improves Slightly
City Controller Alan Butkovitz’ economic report highlights unemployment
rates over last 12 months for 20 largest U.S. cities

Click here to view economic report

PHILADELPHIA – City Controller Alan Butkovitz today released his monthly economic report that found Philadelphia’s current unemployment rate fell three-tenths to 10.6 percent from one year ago but still ranks fifth highest among the 20 largest U.S. cities. Philadelphia held the same unemployment ranking last year.

In November 2010, Philadelphia’s unemployment rate was 10.9%, putting it below the rates of Detroit, Los Angeles, San Jose and Jacksonville. While Philadelphia’s current rate for October 2011 dropped slightly to 10.6%, its unemployment position among the largest U.S. cities has remained unchanged from 12 months ago.

The five largest cities and their current unemployment rates include the following:
1. Detroit 19.2%
2. Los Angeles 13.1%
3. Chicago 11.3%
4. Memphis 10.8%
5. Philadelphia 10.6%

Along with a look at unemployment rates, the City Controller’s economic report also includes tax revenue collections (City & PICA) which totaled $167.4 million, an almost three percent decrease from the same month one year ago. Monthly sales tax collections totaled $21.5 million, which was almost the same amount collected in November 2010. Total sales tax collections for the year are down -3.5 percent compared to the same period last year.

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. The Controller’s economic report is a useful tool for policy makers and analysts in understanding our regional and local economy.