Mixed picture emerges from Philly Fed report on Delaware economy

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philly fedThe Federal Reserve Bank of Philadelphia has issued its first monthly economic tracking report for Delaware. The report shows a lower unemployment rate and a shrinking labor force. The report, which uses charts and graphs, includes the previously released 6.5 percent unemployment rate for the state. It also features visual comparisons on income, building permits, employment growth and other areas.

Click here for the report.

The decline in the unemployment rate, according to the report has been accompanied by a decline in the size of the workforce. Emerging as a factor in the size of the workforce is a decline of 800 in the number of government workers, according to the tracking report. Government jobs account for about 63,000 of the 429,500 jobs in the state. A combination of a smaller workforce (down nine-tenths of one percent), combined with fewer unemployed contributed to the 6.5% November jobless rate.

On the plus side, the state saw gains in personal income growth that ran ahead of the national rate and a higher rate of growth for building permits than the nation as a whole.

Future releases for Delaware will be released on the first Friday of each month. Click here for a previous Business Bulletin story.

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