Philadelphia Fed: Regional Employment Growth Almost Entirely in Health-Education

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 The latest Tri-State Tracking reports from the Federal Reserve Bank of Philadelphia starkly illustrate a now familiar employment theme. The Philly Fed notes that through January 2025, y/y employment growth in Delaware, New Jersey, and Pennsylvania has been driven almost entirely by the health and education services sector. In all three states, the payroll gains from this category dwarf all other sectors by a wide margin. While both Delaware and Pennsylvania saw some modest gains from a handful of other payroll sectors, New Jersey experienced y/y employment  declines in every category except health-education and business services.   


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