Philadelphia Job Market Report

By: Quiet. Please
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  • Summary

  • Welcome to the "Philadelphia Job Market Report" podcast, your essential source for the latest updates, trends, and insights into the job market in Philadelphia. Whether you're a job seeker, employer, or just curious about the economic landscape, we provide in-depth analysis and expert interviews to help you navigate the ever-changing employment scene. Stay informed about high-demand industries, emerging job opportunities, and career advice tailored specifically for the Philadelphia region. Tune in weekly to stay ahead in the City of Brotherly Love's dynamic job market. Subscribe now and unlock the key to achieving your career goals with "Philadelphia Job Market Report."

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Episodes
  • Philadelphia's Job Revival: Navigating the Post-Pandemic Economy

    Philadelphia's Job Revival: Navigating the Post-Pandemic Economy
    Oct 19 2024
    The job market in Philadelphia has shown significant recovery and growth since the COVID-19 pandemic. As of August 2024, the unemployment rate in Philadelphia stands at 5.10%, which is an increase from the previous month's 4.80% but still lower than the long-term average of 6.07%.

    The employment landscape in Philadelphia is diverse, with total nonfarm employment in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metropolitan area increasing by 66,200 jobs over the year in July 2024. This growth is driven by sectors such as education and health services, which added 33,900 jobs, and leisure and hospitality, which gained 13,600 jobs.

    Key statistics include a record low unemployment rate of 3.7% in December 2023, with a corresponding decrease in the total number of unemployed individuals by roughly 4,500 during the fourth quarter of 2023. Despite this, average hourly wages for private employees in Philadelphia County fell by 6.2% as of December 2023.

    Trends indicate that while job growth has been strong, the rate of growth has been slowing down since the initial post-pandemic recovery. Job growth in Philadelphia mirrors national trends but with more variability, and the city's job economy is heavily influenced by education and health services, with these sectors providing the majority of jobs.

    Major industries include education and health services, which consistently provide twice as many jobs as the next highest sector. Professional and business services also play a significant role, while government and financial activities sectors contribute substantially.

    Growing sectors include health care and social assistance, with a 4.9% rise in the metropolitan area's education and health services supersector, outpacing the national increase.

    Recent developments show that Philadelphia's labor force, although smaller by about 6,200 in the fourth quarter of 2023, remains at a year-over-year positive level. Inflation in Philadelphia was at 3.9% as of December 2023, slightly higher than the national rate.

    Seasonal patterns are less pronounced in the overall employment data, but sectors like leisure and hospitality show more significant seasonal fluctuations. Commuting trends are not explicitly detailed in recent reports, but the general employment growth suggests stable or improving commuting conditions.

    Government initiatives focus on supporting economic recovery and addressing labor shortages, inflation, and rising interest rates. However, specific recent initiatives are not detailed in the available data.

    The job market in Philadelphia is evolving with a strong emphasis on education, health services, and professional sectors. Despite some challenges, the overall trend is positive, with job growth and employment rates indicating a resilient economy.

    Key findings include a strong recovery from the pandemic, significant job growth in key sectors, and a slightly increasing unemployment rate in recent months.

    Current job openings include positions such as Registered Nurses at major health care institutions, Software Engineers in the professional and business services sector, and Customer Service Representatives in various industries.

    In conclusion, Philadelphia's job market is characterized by robust growth, sector-specific employment trends, and a gradual return to pre-pandemic economic conditions. While there are challenges such as wage declines and inflation, the overall outlook remains positive.
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    4 mins
  • Philadelphia's Resilient Job Market: Post-Pandemic Growth and Evolving Trends

    Philadelphia's Resilient Job Market: Post-Pandemic Growth and Evolving Trends
    Sep 27 2024
    The job market in Philadelphia has shown significant resilience and growth, particularly in the post-pandemic era. As of July 2024, the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metropolitan area saw a total nonfarm employment increase of 66,200 jobs over the year, with a job gain rate of 2.2%, outpacing the national rate of 1.6%.

    The employment landscape is dominated by the education and health services sector, which added 33,900 jobs over the year, primarily in health care and social assistance. The leisure and hospitality sector also saw significant growth, with an increase of 13,600 jobs, largely in accommodation and food services.

    The unemployment rate in Philadelphia has been at historic lows, reaching a record low of 3.7% in December 2023, with a corresponding record low in total unemployed individuals. This rate is lower than many peer cities and reflects a strong economic position.

    Major industries include education and health services, which provide twice as many jobs as the next highest sector. Government and professional and business services are also significant employers. Notably, Philadelphia’s job economy is largely driven by educational and medical institutions, as well as nonprofit organizations, with only four of the city’s twenty largest employers being for-profit companies.

    Growing sectors include education and health services, and leisure and hospitality. Professional and technical services have also seen notable growth, adding 20,900 jobs between 2014 and 2024.

    Recent developments indicate a slowing pace of job growth since the initial post-pandemic recovery, reflecting a return to pre-pandemic employment trends. Despite this, the overall job growth in Philadelphia mirrors national trends, with a consistent positive growth trajectory since 2014.

    Seasonal patterns show significant job losses in the leisure and hospitality sector during the pandemic, but these have largely recovered. Commuting trends are not explicitly detailed in recent reports, but the city's economic growth suggests stable employment opportunities.

    Government initiatives focus on workforce development and addressing economic disparities. For instance, the Pew Charitable Trusts' State of the City report highlights ongoing efforts to address poverty and racial divides, including potential tax reforms and improvements in education and resource allocation.

    The market evolution in Philadelphia is marked by increased education levels among the workforce, with more than half of the population aged 25-34 holding a bachelor’s degree or higher. This has contributed to lower unemployment rates and higher wages, although racial and economic disparities persist.

    Key findings include a strong and resilient job market, driven by key sectors like education and health services, and a low unemployment rate. However, challenges such as poverty and racial divides remain.

    Current job openings include:
    - **Registered Nurse** at the University of Pennsylvania Health System
    - **Software Engineer** at a Philadelphia-based tech firm
    - **Teacher** at the School District of Philadelphia

    Sources:
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    4 mins
  • Philadelphia's Resilient Job Market: Sector Trends, Workforce Challenges, and Opportunities

    Philadelphia's Resilient Job Market: Sector Trends, Workforce Challenges, and Opportunities
    Sep 24 2024
    The job market in Philadelphia is experiencing steady growth, driven by several key sectors and influenced by broader economic trends. As of July 2024, the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD metropolitan area saw a significant increase in total nonfarm employment, with 66,200 new jobs added over the year, representing a 2.2% job gain, outpacing the national average of 1.6%.

    The employment landscape is dominated by the healthcare sector, which has added the most jobs over the past decade, including 3,000 middle-skill positions. Other significant sectors include education and health services, retail and hospitality, and business and financial services. These sectors account for a substantial portion of the city's employment, with healthcare and education being the largest employers.

    Statistics indicate that job growth in Philadelphia has been robust, especially in the post-pandemic recovery period. From April 2020 to April 2021, there was a 9% increase in jobs, although this growth rate has been slowing down since 2021. The city's job growth closely mirrors national trends but is more variable.

    The unemployment rate in the Greater Philadelphia region has improved significantly, with rates in Philadelphia County at 4.3%, Bucks County at 3.8%, Chester County at 3.7%, Delaware County at 4.2%, and Montgomery County at 4.0%, all lower than the national average.

    Major industries driving job growth include healthcare, social assistance, professional and business services, education, transportation, warehousing, and manufacturing. These sectors provide numerous job opportunities, with over 103,000 job openings currently available, ranging from nursing and software engineering to financial analysis and teaching positions.

    Recent developments highlight the importance of workforce development and training programs to address challenges such as underemployment, education disparities, wage gaps, and access to healthcare. Nonprofit and government organizations play a crucial role in upskilling individuals and creating education opportunities to ensure a more inclusive and sustainable labor market.

    Seasonal patterns show significant job losses in the leisure and hospitality sector during the pandemic, with a 60% decrease in one month, but these sectors have since recovered with notable gains, such as a 4.7% rise in leisure and hospitality employment.

    Commuting trends are not extensively detailed in recent reports, but the focus on urban areas like Philadelphia and Pittsburgh suggests that economic expansion is centered in these regions, while rural areas continue to face challenges.

    Government initiatives and collaborative efforts among nonprofits, government agencies, and the private sector are essential for bridging the gap between available jobs and the skills needed to fill them. These initiatives focus on skills development, retraining, and education to meet the dynamic needs of industry.

    The job market in Philadelphia is evolving with a strong emphasis on high-demand fields like technology, engineering, construction, and healthcare, where wages are expected to rise moderately, around 3-4% on average, slightly exceeding national wage growth.

    Key findings indicate that Philadelphia's job market is resilient, with steady growth driven by key sectors, but there are ongoing challenges related to workforce development and disparities. The city benefits from the stability of jobs in government and education and health services sectors.

    Current job openings include positions such as nursing roles, software engineering positions, financial analysis roles, and teaching positions, reflecting the diverse employment opportunities available in the region.
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    4 mins

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