The unemployment rate in the city has more than quadrupled since February 2020, when it was at 5.9 percent. It now stands at 18.2 percent. Despite having a 9.3 percent unemployment rate at the end of the year, the United States Bureau of Labor Statistics reports that the number has subsequently grown to 11.2 percent as of February 2021, according to the Bureau of Labor Statistics.
What is the formula for calculating the underemployment rate?
- The unemployment rate may be calculated by dividing the number of individuals who are employed by the number of people who are in the labor force, and then multiplying the result by one hundred percent (100 percent). Those who are in the labor force are over the age of 16 and are actively employed or seeking for employment.
- 1 What is the unemployment rate of Philly?
- 2 What is the employment rate in Philadelphia?
- 3 What is the unemployment rate in Boston?
- 4 How many businesses are in Philadelphia?
- 5 What is Philadelphia minimum wage?
- 6 How is the economy in Philadelphia?
- 7 Where do most people work in Philadelphia?
- 8 How many people are unemployed in PA 2020?
- 9 What is the minimum wage in PA?
What is the unemployment rate of Philly?
According to the most recent numbers from the United States Bureau of Labor Statistics, unemployment in the Philadelphia metro region is hovering around 5 percent, the lowest level seen since before the epidemic. It is a significant improvement above the 15 percent figure reported by the Bureau of Labor Statistics in April 2020, immediately following large coronavirus-related shutdowns.
What is the employment rate in Philadelphia?
Since August 2020, Philadelphia, PA, which accounts for 32 percent of the region’s workforce, has added 27,200 new jobs. Camden, NJ, which accounts for 19 percent of the local labor force, created 31,600 jobs, while Wilmington, DE-MD-NJ, which accounts for 13 percent of the region’s labor force, added 15,900 jobs.
What is the unemployment rate in Boston?
Boston, Massachusetts — The Executive Office of Labor and Workforce Development stated Friday that the state’s overall unemployment rate jumped by two-tenths of a percentage point in September, to 5.2 percent.
How many businesses are in Philadelphia?
This metric was last updated in 2016, when Philadelphia had 27,929 business establishments or workplaces owned by enterprises headquartered in the city or elsewhere, according to data from the Bureau of Labor Statistics.
What is Philadelphia minimum wage?
Unless you work for the state, the minimum wage in Pennsylvania is $7.25 per hour, which is the same as the nationally mandated minimum. Since 2009, when it was raised by $0.10 as a result of a federal increase, the minimum wage has remained unchanged at $7.25 per hour.
How is the economy in Philadelphia?
Philly alone ranks tenth among world cities and fourth among American cities in terms of gross domestic product, with a total of $388 billion. According to the Nielsen Media Research, the city is also the nation’s fourth-largest consumer media market in terms of revenue. The city is also home to the Philadelphia Stock Exchange, which is a financial institution.
Where do most people work in Philadelphia?
Center City has the highest concentration of private-sector jobs (38.9 percent) and the highest earnings ($12.13 billion), accounting for 43.6 percent of all salaries earned within Philadelphia’s limits.
How many people are unemployed in PA 2020?
Unemployment in Pennsylvania The number of jobless persons in Pennsylvania reached a peak in April 2020, when it reached 1,023,035. The number of jobless persons in the state has decreased by 645,227 since the beginning of the year.
What is the minimum wage in PA?
Pennsylvania’s Minimum Wage for the Years 2021 and 2022 Pennsylvania’s state minimum wage is $7.25 per hour, with no overtime pay. This is the same as the current Federal Minimum Wage rate of $7.25 per hour (plus benefits).