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Philadelphia Fed Releases December 2012 Metropolitan Area Employment Analysis
Feb 1 - The Philadelphia Fed has posted on its website an analysis related to December's metropolitan area employment data for Delaware, New Jersey and Pennsylvania. Employment conditions in the 24 metropolitan areas in the three-state region were mixed, as payroll employment generally rose and unemployment rates generally increased.
From December 2011 to December 2012, nonfarm payroll employment increased in 20 of the 24 metropolitan areas in the three-state region. Two New Jersey metropolitan areas (Trenton–Ewing and Vineland–Millville–Bridgeton) as well as Dover, Del., and Lebanon, Pa., were exceptions, with declining employment. In the United States, payroll employment increased 1.4 percent over the past 12 months. The gains in most of the region’s 20 growth areas were within 0.8 percentage point (plus or minus) of the U.S. rate. Jobs grew significantly faster in Ocean City, N.J., and significantly slower in Altoona, Erie and Johnstown, Pa.
From November to December, payroll employment increased 0.5 percent or more in four New Jersey areas (Bergen–Hudson–Passaic, Edison, Newark–Union, and Ocean City). Employment decreased 0.5 percent or more in two Pennsylvania areas (Lebanon and Williamsport).
From November to December, seasonally adjusted unemployment rates rose in all but four metropolitan areas within the three-state region; rates declined in three New Jersey metropolitan areas (Atlantic City, Edison and Newark–Union); and the rate was unchanged in Bergen–Hudson–Passaic, N.J. Rates also held steady in the three-state region at 8.5 percent and in the nation at 7.8 percent. Compared with one year ago, unemployment rates are higher in all metropolitan areas within the three-state region.
In December, all of New Jersey’s metropolitan areas except for the Trenton–Ewing area had unemployment rates more than 1 percentage point above the 7.8 percent national average. In Pennsylvania, two metropolitan areas (Johnstown and Scranton–Wilkes-Barre) were also more than 1 percentage point above the national average, while State College, Pa., was more than 1 percentage point below the U.S. rate.
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The Bureau of Labor Statistics released these data series, and the Federal Reserve Bank of Philadelphia seasonally adjusted the results presented in this report. The Philadelphia Fed will release its next metropolitan employment report on March 26, 2013.