Keystone Research Center sees more good news on Pa. jobs front – LVB

Pennsylvania’s job market is maintaining momentum, the Keystone Research Center said in response to the Pennsylvania Department of Labor & Industry’s jobs report. 

Keystone Research Center (KRC) economist and executive director Stephen Herzenberg issued a statement on Friday’s report by the Labor & Industry (L&I): 

“The Pennsylvania job market in August maintained its forward momentum and our unemployment rate stayed at 3.4% for the 11th month in a row. 

“The number of non-farm jobs rose to a record 6.2 million, a jump of 8,000 jobs over July and the 13th consecutive monthly increase. Pennsylvania has gained more than 100,000 jobs (102,600) in the past 12 months. Our unemployment rate is now eight-tenths of a percentage point below the national 4.2% rate. 

“The August numbers sustain the economic realities documented in KRC’s ‘State of Working Pennsylvania 2024 report. Pennsylvania’s economy is the most favorable it’s been for workers in half a century.” 

L&I reported that Pennsylvania’s unemployment rate in August remained unchanged for the 11th straight month, and that its unemployment is significantly less than it is nationally. 

Pennsylvania’s total nonfarm jobs increased to a record high of 6,200,000, the 13th straight record high for Pennsylvania’s jobs count. Jobs also increased in seven of the 11 industry supersectors. 

Herzenberg noted that Pennsylvania not only has low unemployment but more job openings than unemployed workers. He added that inflation has fallen to 2.5%, and wages are rising faster than inflation. 

“The Federal Reserve’s half-point interest rate cut and federal investments in climate and infrastructure should sustain a healthy economy for workers,” said Herzenberg. “After decades of growth that benefited only the very rich, Pennsylvania working families should finally begin to feel like they are sharing in prosperity.”

KRC is a public policy organization researching economic and civic issues within Pennsylvania.