July jobless rate could drop slightly, Philly Fed reports

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Delaware’s July jobless rate could slide another tenth of a percent in July.

The Federal Reserve Bank of Philadelphia’s monthly forecast showed all three states in its territory with lower unemployment rate estimates for the month.

The Federal Reserve Bank of Philadelphia produces theestimates, or “nowcasts,” for Delaware, New Jersey, and Pennsylvania during the period between the release of federal and state unemployment numbers.

During the month of July, the national unemployment rate decreased from 4 percent to 3.9 percent. Delaware reports its unemployment rate around the 20thof the month.

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The Philadelphia Fed expects unemployment rates for July to decrease from 3.9 percent to 3.8 percent in Delaware and from 4.3 percent to 4.2 percent in both New Jersey and Pennsylvania.

Delaware saw its rate drop below the national figure in June for the first time in a couple of years.

The next state Federal Reserve nowcast release will take place on Sept. 7.

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