For Immediate Release:
March 25, 2010
Contact: Brian Dries
Unemployment Rates Reach Highest Mark in 25 Years
State reaches highest figure in more than
two decades, City follows same path
PHILADELPHIA – City Controller Alan Butkovitz today released the monthly economic report for February that found unemployment rates for both the state (8.9%) and city (11.4%) have reached its highest figures in more than 25 years.
The last time the state’s unemployment rate stood at 8.9 percent was September 1984. The last time the city’s unemployment rate was as high as 11.4 percent was in May 1983. The City’s unemployment rate increased almost a full percentage point from the previous month.
The economic report also included a look at the city’s sales tax collections that amounted to $22.3 million, an increase of nearly 85 percent for February over the same period last year.
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.