Overall unemployment rate moved down to 3.6% with the biggest shift in Restaurants & Hotels, which gained 8,900 roles, based on the most recently available information published in May 2023.
Total employment in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD market rose by 27,876 jobs in March and the unemployment rate decreased compared to the prior month by 60 bps to 3.6%. The national unemployment rate decreased by 27 bps over the same time to 3.6%.
- Philadelphia-Camden-Wilmington, PA-NJ-DE-MD unemployment rate is 2 bps below the national rate which is a positive sign.
- Unemployment in the market is 60 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in March versus prior month by 3.1% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.6% . Key sectors include:
- Education & Healthcare: 704,100; +5,200
- Transportation & Utilities: 547,400; -1,500
- Business Services: 499,100; +4,200
- Government: 339,800; +1,100
- Restaurants & Hotels: 262,800; +8,900
- Financial Services: 229,000; +800
- Manufacturing: 181,200; -500
- Other Jobs: 122,700; +1,500
- Construction, Mining: 120,700; -200
- IT & Development: 54,300; -100
Data is based on the most recent 12 months available, through March 2023 (Data published May 2023 and reports created on May 9,2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.