Labor Market Report for June 12th, 2020

Labor Market Report graphic
Jun 12, 2020 52 days ago

Every week, we will be publishing labor market industry (LMI) data and important trends to consider in the development of an equitable economic recovery from the COVID-19 crisis. We are always looking for opportunities to learn, grow, and collaborate. Email [email protected] to learn more.

The employment crisis and recovery resulting from COVID-19 is unprecedented. At University City District, we have been monitoring the impact on the number of job postings across large industry sectors as a leading indicator of business optimism and employment prospects. We have found this analysis to be particularly valuable to our West Philadelphia Skills Initiative as we respond to a rapidly changing employment landscape. It is our hope that others in our community will also fund this useful.

In addition to monitoring overall trends, we will be looking closely at where jobs are coming back – and where they are not – in specific industries. We will also be exploring any variances between what is happening in the city of Philadelphia and the broader Metro Area. As we continue to face massive unemployment and disruption, we hope this research will help to shed light on the health of the labor market in our region.

We began our analysis by looking at unique job postings in high level industries throughout the Philadelphia Metropolitan Area for the week of February 9th – February 15th. This appears to be the last week where postings were within an expected range, prior to concerns about the spread of COVID-19. These numbers can be found in the 2nd column below. Next, we looked at postings from the most recent week available, May 31st to June 6th. The final column shows the percentage change between February 9th-15th and May 31st – June 6th.

Every industry with a significant number of postings is still well below pre-COVID levels. As sobering as these numbers are, this is an improvement. During the week of May 10th to May 16th, job postings were 50% lower than they were in the benchmark week, with only 9,936 unique jobs posted across the Philadelphia Metropolitan Area.

 

2-digit NAICS Industry

Feb. 9th – Feb. 15th (Benchmark)

May 31st – June 6th (Last Week)

Decrease in job postings

Health Care & Social Assistance

3961

3153

-27%

Professional, Scientific and Technical Services

1623

903

-35%

Retail Trade

1583

1212

-19%

Finance & Insurance

1444

1028

-25%

Accommodation & Food Service

1106

531

-51%

Manufacturing

1338

811

-31%

Admin & Support & Waste Mgmt & Remediation Services

909

696

-29%

Educational Services

1151

481

-43%

Transportation & Warehousing

744

379

-51%

Information

565

268

-46%

Other Services (Except Public Admin)

472

254

-55%

Public Administration

317

254

-28%

Real Estate & Rental Leasing

335

247

-11%

Construction

224

193

-43%

Arts, Entertainment & Recreation

147

97

-44%

Wholesale Trade

77

54

-33%

Utilities

49

39

15%

Mining, Quarrying and Oil & Gas Extraction

39

21

-28%

Management of Companies & Enterprises

44

7

-56%

Agriculture, Forestry, Fishing and Hunting

20

8

-70%

Unspecified

4883

3431

-26%

Total

21031

14,067

-31%

 

About the data: Data is sourced from Burning Glass Technologies Labor Insights, unless otherwise noted.  Presented below is the result of tracking week over week job postings in the city of Philadelphia and in the Philadelphia Metro Statistical Area (MSA), which is comprised of roughly a circle surrounding Trenton, Philadelphia, King of Prussia, Camden, and Wilmington. This data is then compared to a benchmark week of February 9th – 15th, which was the last week before the economic impact of COVID-19 began to be reflected in job posting data.

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