For Immediate Release:
Nov. 6, 2009
Contact: Brian Dries
Philadelphia’s Unemployment Ranks Third
Controller compares City’s unemployment rate
to nation’s 10 largest cities
CLICK HERE TO VIEW ECONOMIC REPORT
PHILADELPHIA – City Controller Alan Butkovitz today released the monthly Economic Forecast and Snapshot that shows Philadelphia, the sixth largest U.S. city, ranks third highest in unemployment with 11 percent.
The September economic report includes the unemployment figures for the top 10 U.S. cities. Philadelphia’s unemployment rate falls behind Los Angeles and Chicago with 12.7 and 11.3, respectively. San Jose and New York City round out the top five for highest unemployment.
Philadelphia’s unemployment rate is 3.4 points higher compared to one year ago. It’s also 2.2 points higher than Pennsylvania’s current rate of 8.8 percent.
The report also indicates the region’s manufacturing executives expect business activity to increase over the next six months; however, expectations have moderated somewhat in the last several months.
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.