The stock market has rallied since its COVID-induced plunge
in March and is now close to pre-pandemic levels. But the market’s comeback is
only part of the economic story. The unemployment picture is not as rosy. Though
unemployment has fallen since it skyrocketed in April, it has not returned to
pre-pandemic levels and is still of concern.
In Philadelphia, Chester, Montgomery, Bucks, and Delaware Counties, unemployment has decreased from its high in April but remains much higher than earlier in the year. Amidst all this, the local housing market has been surprisingly competitive, as mortgage rates have remained historically low.
Unemployment Rates Per County
Here are the unemployment rates for August 2020, according to the Federal Reserve Bank of Saint Louis (September numbers not yet available):
- Chester County—7.5%,
down from 9.5% in July and 10.3% in June
- Montgomery County—9%,
down from 11.1% in July and 12.1% in June
- Bucks County—9.7%,
down from 11.9% in July and 13.1% in June
- Delaware County—11%,
down from 13.2% in July and 14% in June
down from 18.1% in July and 18.2% in June.
Data from the Federal Reserve Bank of Saint Louis as of September 30, 2020.
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