Delaware jobless rate moves toward national figure

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Jobless nowcastDelaware’s unemployment rate is falling into line with national figures.

The monthly “Nowcast” for the October unemployment rate shows Delaware with a slightly lower jobless rate than its neighbors.

However, the gap has narrowed, with the report indicating that the First State is likely to see a 5 percent jobless rate in October, identical to the national unemployment figure.

Rates are higher in Pennsylvania and New Jersey. However, the accompanying graph indicates that the gap has narrowed, as Delaware’s jobless rate has increased, due in part, to more people looking for jobs as the economy improves.

The Nowcast is released by the Federal Reserve Bank of Philadelphia, due to the lag time between the release of the national jobless figure and state numbers.

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Up until the downturn of 2008 and 2009,  Delaware posted unemployment figures that were often one percent below the national rate.  An explosion in financial services jobs and related construction and service jobs led to the low rates.

Since that time, the state struggled to get back to peak employment levels. Total employment is at a record level, although some states recovered long before Delaware.

Delaware labor market officials have cautioned that unemployment rates are based on estimates that are often adjusted at a later date.

At one point last year, the state was seeing among the highest job growth rates in the nation, followed by a  pronounced  slowdown.

Signs of a slowdown have appeared in the state in recent months, although the growth in the number of jobs  has continued.

One area of concern remains DuPont Co., which is seeing yet another downsizing efforts, as well as the effects of job cuts at corporate spin-off Chemours.

The Nowcast is released by the Federal Reserve Bank of Philadelphia, as a way to help in planning during the period between the release of the national jobless figure and state unemployment numbers.

Delaware typically releases its unemployment rate report around the 20th of the month.

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