Report takes note of slowing Delaware economy

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al“The December employment numbers for Delaware (CES) are discouraging. From November through December total employment in Delaware dropped, and the growth rate in total employment on a year over year basis was less than 1 percent,” the report stated. 

The report noted that the Delaware leading index published by the Federal Reserve Bank of Philadelphia started at around 2.5. However, for the past seven months the Delaware leading index has hovered around zero. The December value of 0.2 was due to the sag in job growth together with a drop off in building permits and in decreased delivery times for manufacturing.

According to the report, 1,500 residents dropped  out of the labor force since May, 2016.

A report from Newark-based DeconFirst took note of a slowing Delaware economy.

The report said the state’s high-income tax and the lack of a right to work law have held back job growth. The right to work law bars unions from requiring the employees they represent to pay dues. 

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Job figures are subject to revision, generally in the early months of the year. 

 

 

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