Unemployment rates for January are expected to increase in all three states that comprise much of the territory of the Federal Reserve Bank of Philadelphia.
Using an analytical method created by Bank researchers, we expect unemployment rates for January to increase from 4.5 percent to 4.6 percent in Pennsylvania, from 3.5 percent to 3.6 percent in New Jersey, and from 3.9 percent to 4 percent in Delaware.
Delaware has seen a steady rise in its unemployment rate after seeing a nearly three-decade low jobless figure of 3.2 percent. Labor market officials in Delaware say the economy is showing signs of slowing down.
The Bureau of Labor Statistics (BLS) releases national employment figures weeks ahead of state estimates. That can leave followers of state economies with unanswered questions about the direction of local activity. 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 the month of January, the national unemployment rate increased from 3.5 percent to 3.6 percent.
The next state nowcast release will be on March 16.