Pennsylvania’s unemployment rate has fallen to a new record low, and is at the same rate as the rest of the nation. Meanwhile, payrolls hit a new record high.
Pennsylvania’s unemployment rate normally lags the national rate because of an economy that is less dynamic than some other states and a workforce that is relatively older and slower-growing.
Kurt Rankin, vice president and senior economist for the PNC Financial Services Group in Pittsburgh, said that hasn’t changed. But, Rankin said, it was inevitable that Pennsylvania’s unemployment rate would catch up to a national unemployment rate that has remained exceptionally low for so long in a tight labor market.The U.S. labor force — a measure of the number of people working or looking for work — has grown past pre-pandemic levels, while Pennsylvania’s labor force remains below its pre-pandemic record.
That means there is a lack of people coming to the state to work, as well as fewer people in Pennsylvania who are returning to work after retiring or otherwise quitting during the COVID-19 pandemic, Rankin said. The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.
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