PHILADELPHIA – While cheers may have sounded because the April unemployment rate dropped nationwide by 0.4 percentage point to 6.3 percent from 6.7 percent, New Jersey’s 7.2 percent rate was unchanged. Elsewhere in the region, Pennsylvania and Delaware’s rates decreased, according to the Regional Economic News issued May 5 by the Research Department of the Federal Reserve Bank of Philadelphia.
It noted that the Bureau of Labor Statistics releases national employment figures weeks ahead of state estimates, “which leaves followers of state economies with unanswered questions about the direction of local activity.”
In order to erase that uncertainty, the Federal Reserve Bank of Philadelphia produces what it terms “nowcasts” for the tri-state area.
“Using an analytical method created by bank researchers, we expect unemployment rates for April to decrease from 6.0 percent to 5.9 percent in Pennsylvania and from 5.9 percent to 5. 7 percent in Delaware and remain unchanged in New Jersey at 7.2 percent.
Its next release will be June 9 after the BLS release of the May national employment report.
Cape May – Governor Murphy says he doesn't know anything about the drones and doesn't know what they are doing but he does know that they are not dangerous. Does anyone feel better now?
