The Federal Reserve Bank of Philadelphia sees steady jobless rates in November in all three states in its territory.
The Philadelphia Fed issues the “nowcasts” in the period leading up to the release of state rates on the 20th of the month.
The Bureau of Labor Statistics releases national employment figures weeks ahead of state estimates.To alleviate this period of uncertainty, the Federal Reserve Bank of Philadelphia produces regular unemployment rate estimates, or “nowcasts,” for Delaware, New Jersey, and Pennsylvania.
The Delaware jobless rate of 4.3 percent is the lowest among the three state’s in the Fed’s territory, which includes a portion of New Jersey, much of Pennsylvania and the entire state of Delaware.
The Delaware jobless rate has remained stuck at 4.3 percent as speculation continues whether the state can see a much lower rate. While the jobless rate and the number of unemployed has dropped, there is concern over the quality of jobs created in Delaware or whether specialized positions are now being filled by out-of-state residents.
The 4.3 percent stands in contrast to jobless rates during past recoveries that were under the 4 percent mark.
Pennsylvania now has a 5.7 percent rate, with 5.3 percent in New Jersey.
The next state nowcast release will be on December 2 , following the BLS release of the November national employment report.
