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Looking into Philadelphia's unemployment problem
Pennsylvania's unemployment rate is well below the national average - yet Philly has one of the country's highest jobless rates. Why?
Looking into Philadelphia's unemployment problem
Pennsylvania's 7.9 percent unemployment rate in November was well below the 8.6 percent national average, according to U.S. Department of Labor statistics. But in Philly, it's a different story. We have 10.6 percent unemployment, according to a new report from the Office of the Controller — the fifth-highest rate among the 20 largest U.S. cities. That we're ahead of places like Detroit and Los Angeles isn't much comfort, given that sales tax collections were down 3.5 percent from last year.
Per the report: "Looking ahead, the six month indicators continue to improve as the broadest indicator of future activity increased two points, marking the fourth consecutive month of a reported increase and its highest reading in nine months. As for future employment opportunities, 24 percent of firms are expecting to increase employment over the next six months compared to 11 percent expecting to decrease employment. Firms also reported that they expect the largest annual increase in their costs will be due to health benefits, a 7.3 percent increase. Wages are expected to rise 2.1 percent and non-healthcare costs 2.5 percent."
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