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June 16, 2024 11:59 pm

Local News

Pennsylvania’s Unemployment Rate Holds Steady at Historic Low

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In its October 2023 employment situation report, the Pennsylvania Department of Labor & Industry revealed that the state’s unemployment rate held steady at a historic low of 3.4%, unchanged from the previous month and notably below the national rate of 3.9%. Pennsylvania’s unemployment rate in October 2023 was a full percentage point lower than the same month in 2022, while the national rate increased by two-tenths of a percentage point over the year.  Despite a monthly decrease of 4,700 (nonfarm) jobs, the state saw a significant year-over-year increase of 129,200 total nonfarm jobs, led by gains in 10 of the 11 supersectors. In particular, education & health services experienced the largest volume gain over the year, reaching a record high.

According to the Department’s Center for Workforce Information & Analysis, the seasonally adjusted unemployment rate for the Philadelphia Metropolitan Statistical Area (MSA) held steady over the month at 3.7 percent in October. Over the year, the local MSA’s rate declined by three-tenths of a percentage point.

The total number of nonfarm jobs in the Philadelphia MSA increased 2,200 to its 17th consecutive record high of 3,129,900 in October. Over the year, jobs were up 2.7 percent (+82,900) in the MSA.