Delaware is expected to see a slightly higher unemployment rate in June, based on a forecast from the Federal Reserve Bank of Philadelphia.
This comes after a separate report. Indicating that future economic growth in Delaware may be slower than in a couple of neighboring states.
According to the Philadelphia Fed, Bureau of Labor Statistics (BLS) releases national employment figures ahead of state estimates. That leaves a vacuum of information for those following state jobless rates.
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. During July, the national unemployment rate remained unchanged at 5.3 percent.
Using an analytical method created by bank researchers, we expect unemployment rates for July to decrease from 6.1 percent to 5.8 percent in New Jersey, remain unchanged at 5.4 percent in Pennsylvania, and increase from 4.7 percent to 4.8 percent in Delaware. The next state nowcast release will be on September 4, 2015, following the BLS release of the August national employment report.
Earlier, the Philadelphia Fed released an index of possible future activity in 49 of the nation’s 50 states.
The report shows Delaware’s economy expected to grow at a slower pace than neighboring Maryland and New Jersey. The June rate was lower than the other two states in the Philadelphia Fed’s region, Pennsylvania and New Jersey.
The report indicates the expansion of the state’s economy will continue into the fourth quarter. The outlook for Delaware was limited by an increase in jobless claims and a decline in building permit activity. The Philadelphia Federal Reserve Bank is headed by Patrick Harker, who took the post this summer after serving as the president of the University of Delaware
.
