Further decline in Delaware jobless rate forecast by Philadelphia Fed

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The latest estimate from the Federal Reserve Bank of Philadelphia sees Delaware’s unemployment rate dropping toward the 3 percent mark.

The Bureau of Labor Statistics (BLS) releases national employment figures weeks ahead of state estimates, which leaves followers of state economies with unanswered questions about the direction of state economies.

During the period of uncertainty, the Federal Reserve Bank of Philadelphia produces regular unemployment rate estimates, or “nowcasts,” for Delaware, New Jersey, and Pennsylvania.

Using an analytical method created by bank researchers, the unemployment rates for March are projected to decrease from 4 percent to 3.9 percent in Pennsylvania and from 3.4 percent to 3.3 percent in Delaware and remain unchanged at 4 percent in New Jersey.

During March, the national unemployment rate was unchanged at 3.8 percent.

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The steady drop in Delaware’s unemployment comes amid signs of a slowing economy in some areas. However, current data seems to indicate that Delaware is not part of that trend.

Delaware Department of Labor officials have cautioned that estimates used to calculate jobless rates can be subject to revision once more solid payroll information comes in later in the year.

The next state nowcast release will be on May 3, following the BLS release of the April national employment report. Delaware’s March unemployment report is expected to be released around the 20th of April. 

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