Philadelphia’s labor market reflects both resilience and challenges in Q3 2024’s economic landscape.
While employment numbers remained relatively stable, unemployment edged higher, and the rising cost of living continues to outpace national averages.
Here are the key highlights for Q3 2024:
- The unemployment rate reached 4.9%, with the number of unemployed residents increasing to 37,048. Despite this uptick, the labor force remained robust at 752,649, while total employment held at 715,602, demonstrating the market’s underlying stability.
- Behind the numbers lies a changing economic landscape. Professional services workers are seeing healthy wage gains of 6.5%, while many service sector employees face more modest increases. Healthcare and education —long the bedrock of Philadelphia’s economy —continue to drive employment but with slower wage growth than in previous quarters.
- Meanwhile, the cost of living, particularly housing and everyday services, continues to rise faster here than the national average.
- The job market shows signs of careful calibration, with 118,390 postings this quarter reflecting more selective hiring practices. Notable disparities exist across the city, with higher unemployment rates concentrated in North, Northeast, and Southwest Philadelphia. These patterns suggest the need for targeted support in specific communities.
Read the full report below.
