Job growth in Delaware lags rate in Philadelphia Fed region

Delaware ended up having the lowest job growth rate among the three states in the Federal Reserve Bank of Philadelphia’sterritory.

The figures came from the monthly Tri-State Tracking report of the Philadelphia Fed.

The seven-tenths of one percent annual rate,as of February, was well below the 1.8 percent in New Jersey and 1.3 percent in Pennsylvania.

Job losses mainly came in the professional and business services category, which showed a loss of more than 5 percent, with far smaller losses in government and financial services.

Advertisement

Other categories, including manufacturing, posted gains during the February to February period.

Gains in home prices were well below the national figure. However, building permit activity was running above the rate for the nation as a whole.

Personal income growth was close to the national average, with the unemployment slightly below the U.S. rate.

Income growth was influenced by gains in transfer payments, rather than wages or income by proprietors. Transfer payments include Social Security, disability and other sources.

Job figures are subject to adjustments as sampled data is replaced by payroll reports.

Facebook Comments
Advertisement

About the Author

Special to Delaware Business Now

Visit Website

Advertisement

Comments are closed.