For Immediate Release
Aug. 30, 2017
Contact: Brian Dries
Philadelphia’s Unemployment Rate Realizes Larger Decline Compared to Suburbs
City Controller’s latest economic report includes review of latest employment figures
PHILADELPHIA – City Controller Alan Butkovitz today released his latest monthly Economic Report that indicated Philadelphia’s latest reported non-seasonally unemployment rate is 6.9 percent, seven-tenths below last July.
While Philadelphia’s unemployment rate is at least two percent above its neighboring suburban counties, it recorded the largest year-over-year drop when compared to Bucks, Chester, Delaware and Montgomery counties. Philadelphia’s Civilian Labor Force increased by 1,600 and the number of unemployed decreased by 5,200 over last July.
A breakdown of the latest non-seasonally employment data for Philadelphia and its neighboring counties includes the following:
|County||Labor Force||Unemployment||July 2017 rate||July 2016 rate|
In addition, there were 709,800 total jobs recorded in July compared to 691,200 for the same month last year. This marked an almost three percent growth. Education and Health Services and the Leisure and Hospitality industries led for the highest job increases.
Along with reviewing the latest employment figures, the economic report also indicated that monthly tax revenues for the City’s General Fund and PICA totaled almost $280 million, which is about $60 million more compared to last July. In addition, the General Fund collections for July were $31.2 million, or 15 percent, above the city’s FY2018 Cash Flow Projections.
All tax revenues were above projections except for the Real Estate Tax and Beverage Tax collec-tions. Both of these were about 10 percent below the amount the city anticipated collecting for the current budget year.