Unemployment rates for September are expected to decrease in New Jersey and remain unchanged in Pennsylvania and Delaware, according to the Federal Reserve Bank of Philadelphia’s nowcasts.
The nowcast estimates are issued between the time the U.S. and state jobless rates are released.
During the month of September, the national unemployment rate decreased from 3.7 percent to 3.5 percent. The lower jobless rate and moderate growth in total employment led to a big gain in stock indices on Friday.
Using a method created by Bank researchers, we expect unemployment rates for September to decrease from 3.2 percent to 3.1 percent in New Jersey and remain unchanged at 3.9 percent in Pennsylvania and 3.4 percent in Delaware.
Delaware previously saw a slight uptick in jobless rates for two consecutive with Delaware labor market officials indicated that the state is seeing a mild slowdown.
The next state nowcast release will be on November 1, 2019, following the Bureau of Labor Statistics’ release of the October national employment report.