Pennsylvania Posts Largest Decline In Unemployment In 30 Years

Map of Pennsylvania (Photo credit: Wikipedia)

The number of Pennsylvania‘s unemployed decreased by 16,000 in November, the largest decline since 1983 and the second largest decline on record.

The unemployment rate was 7.8 percent in November, down three-tenths of a percentage point from the October rate of 8.1 percent, according to a press release from the state Department of Labor and Industry.

This was the lowest rate for Pennsylvania since June.

Read more:  http://www.mcall.com/news/local/mc-pa-november-unemployment-20121227,0,4281837.story

New Report Warns Of Looming Pennsylvania Pension Shortfall

HARRISBURG – Gov. Tom Corbett‘s budget office indicated Monday that the governor may attempt to reduce the pensions of current public employees, a politically volatile and legally questionable solution to what has become a $41 billion unfunded liability.

In a new report on the state’s two large public-sector pensions, the budget office warned of the potential for higher taxes, program cuts, lower business growth and steeper borrowing costs because of the state’s financial obligations toward the State Employees’ Retirement System and the Public School Employees’ Retirement System.

The financial pressures from the pension systems have loomed over state finances for more than a decade, and Corbett, a Republican, repeatedly has spoken of a desire to make changes to them.

The report says higher taxes “should be off the table,” but reductions in prospective benefits for current employees should be considered.

Read more:  http://readingeagle.com/article.aspx?id=431511