City’s Unemployment Rate Drops to Lowest Since 2008
Philadelphia’s unemployment rate dropped to 6.6 percent in October of this year, the city said today — the lowest percentage in the official total since April 2008. The number of Philadelphians employed is at its highest total since 2000.
About 8,500 new jobs were created in the city in October, Philadelphia officials said.
“Today’s news is just the latest signal that confidence in Philadelphia is growing, investment is being made in our city, and more and more Philadelphians are finding work,” Philadelphia Mayor Michael Nutter said in a statement. “My administration strives every day to make Philadelphia more business friendly, to attract new residents and companies, and to continue the growth that we have seen in recent years in neighborhoods across this city. Word is spreading that Philadelphia is the place to be if you’re looking to start and grow a business.”
In the release, the city touted several recent initiatives it says is creating jobs in the city: A program (Kiva Zip City) that creates 0-percent-interest loans for small businesses, a small business incubator called StartUpPHL and the recent move of Dietz and Watson to Tacony.
“As we move into 2015 we are excited to announce a range of new major projects for Philadelphia and to welcome even more companies into the city from around the country and the world,” Alan Greenberger, deputy mayor for economic development, said in the release.
There is no word on how many of the 6.6 percent of unemployed Philadelphians are actually funemployed.