Unemployment expected to decline across tri-state area

The Federal Reserve Bank of Philadelphia recently forecast a drop in unemployment across the tri-state area of Pennsylvania, New Jersey and Delaware for the month of June.

The Federal Reserve Bank of Philadelphia recently forecast a drop in unemployment across the tri-state area of Pennsylvania, New Jersey and Delaware for the month of June.

Using data collected by the U.S. Bureau of Labor Statistics and other regional sources, the Philadelphia Fed said unemployment rates will likely fall from 5.6 percent to 5.5 percent in Pennsylvania, from 6.8 percent to 6.7 percent in New Jersey and from 5.9 percent to 5.8 percent in Delaware, the Philadelphia Business Journal reports.

Earlier this week, the Bureau of Labor Statistics said overall unemployment fell to 6.1 percent - a 0.2 percent decline from May and a 1.4 percent decline year-over-year.

Payroll employment, meanwhile, rose by 288,000 and the number of individuals unemployed fell by 325,000 to reach 9.5 million. Official state unemployment estimates will be available later in the week, according to the Philadelphia Business Journal.

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