Local Economic Roundup

Local Economic Roundup

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
  • Philadelphia—15.4%, down from 18.1% in July and 18.2% in June.
The Pennsylvania statewide unemployment rate was 10.3% in August, down from a high of 16.1% in April. The improvement from April’s catastrophic high is no doubt welcome by those who have resumed work, but many still lack jobs. Pennsylvania’s unemployment rate was just 4.7% in February, so there is still a long way to go to reach pre-pandemic levels.

Data from the Federal Reserve Bank of Saint Louis as of September 30, 2020.

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