Philly Fed forecast says jobless rate in Delaware could rise to 5 percent

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Jobless rates for September are expected to decrease in Pennsylvania and increase in Delaware and New Jersey, according to the Federal Reserve Bank of Philadelphia’s nowcasts.

The Philadelphia Fed issues the reports for the period between the reporting of the national jobless rate and state-by-state figures. Statewide figures are generally released around the 20th of the month.

During the month of September, the national unemployment rate decreased from 4.4 percent to 4.2 percent.

Using an analytical method created by bank researchers, the Philadelphia Fed expects unemployment rates for September to decrease from 4.9 percent to 4.8 percent in Pennsylvania and increase from 4.9 percent to 5.0 percent in Delaware and from 4.5 percent to 4.7 percent in New Jersey.

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The jobless rate has been rising steadily in Delaware as the state’s economy shows signs of slowing.

At the same time, however, the Delaware Department of Labor noted that monthly figures are subject to adjustments as more solid data is calculated. Adjustments of as much as one percent have been reported later in the year or during the following year.

The next state nowcast release will be on November 3, following the Bureau of Labor Statistics’ release of the October national employment report.

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