Jul 30 2013

Unemployment In Pittsburgh Region Falls To Lowest In Post-Recession Recovery

Locator map of the Greater Pittsburgh metro area in the western part of the of . Red denotes the Pittsburgh Metropolitan Statistical Area, and yellow denotes the New Castle Micropolitan Statistical Area, which is included in the Pittsburgh-New Castle CSA. (Photo credit: Wikipedia)

Unemployment in the Pittsburgh metropolitan area fell to 6.8 percent in June, a rate one-tenth of a percentage point below May’s 6.9 percent but that marks a new low of the post-recession recovery.

The last time unemployment was at 6.8 percent in the region was in March 2009, when unemployment was rising in the midst of the Great Recession.

Jul 29 2013

Signs Of Declining Economic Security Widespread

President Barack Obama announces the Economic Recovery Advisory Board. (Photo credit: Wikipedia)

WASHINGTON — Four out of five U.S. adults struggle with joblessness, near poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream.

Survey data exclusive to The Associated Press points to an increasingly globalized U.S. economy, the widening gap between rich and poor and loss of good-paying manufacturing jobs as reasons for the trend.

The findings come as President Barack Obama tries to renew his administration’s emphasis on the economy, saying in recent speeches that his highest priority is to “rebuild ladders of opportunity” and reverse income inequality.

Hardship is particularly on the rise among whites, based on several measures. Pessimism among that racial group about their families’ economic futures has climbed to the highest point since at least 1987. In the most recent AP-GfK poll, 63 percent of whites called the economy “poor.”

Jul 5 2013

U.S. Economy Creates 195K Jobs In June

U.S. employers stepped up hiring in June, adding 195,000 jobs, above the median forecast in a Reuters poll, Labor Department data showed on Friday.

The unemployment rate held steady at 7.6 percent.

Economists were expecting 165,000 new jobs last month, according to a Reuters survey, slightly below the 175,000 positions created in May. The government on Friday revised payrolls for April and May to show 70,000 more jobs created than previously reported.

The increase could draw the Federal Reserve closer to implementing a plan to start scaling back its massive monetary stimulus later this year.

Jul 2 2013

Lehigh Valley Unemployment Rate Lowest In More Than 4 Years

The Lehigh Valley’s unemployment rate dipped below 8 percent in May for the first time in more than four years, another indication that the labor market continues to slowly recover from steep job losses inflicted during the Great Recession.

The Valley region’s unemployment rate in May was 7.9 percent, down from 8.1 percent in April. It was last below 8 percent in February 2009. The Valley’s unemployment rate remains higher than the state, 7.5 percent, and nation, 7.6 percent.

Jun 22 2013

Pennsylvania Economy Added More Jobs In May Than In Any Month Since 1983

Pennsylvania’s unemployment rate fell slightly to 7.5 percent in May, the state announced this afternoon.

The state’s economy added 24,000 new jobs compared to April — the highest one-month gain since 1983. The number of people filing for unemployment claims also fell in May by 9,000 to 488,000.

Jun 7 2013

US employers Add 175K Jobs, Rate Up To 7.6 Percent

(AP) The U.S. economy added 175,000 jobs in May, a gain that shows employers are hiring at a still-modest but steady pace despite government spending cuts and higher taxes.

The unemployment rate rose to 7.6 percent from 7.5 percent in April, the Labor Department said Friday. The rate rose because more people began looking for work, a healthy sign. About three-quarters found jobs.

The government revised the job figures for the previous two months. April’s gain was lowered to 149,000 from 165,000. March’s was increased slightly to 142,000 from 138,000. The net loss was 12,000 jobs.

Stocks jumped when the market opened at 9:30 a.m. Eastern time, an hour after the report was released. The Dow Jones industrial average surged 150 points in the first hour of trading.

May 30 2013

Jobs In Lehigh Valley Hit New Peak

After more than three years of sluggish job growth, the Lehigh Valley has replaced all of the roughly 25,000 jobs wiped out during the country’s worst economic crisis in generations.

The region had 351,400 jobs in April, a new high, according to data released Wednesday by the state Department of Labor and Industry. The old record of 350,200 was set in June 2007, just before the Great Recession hit, bringing 2 1/2 years of plant closures and cutbacks that put the local labor market in a tailspin.

The number of jobs in the Valley hit a recessionary low of 324,700 in January 2010 and has since been slowly recovering.

The private sector is driving job growth. Gains in warehousing, tourism and business services were partially offset by cuts in government and public school jobs. Warehousing and business services — a broad jobs category that includes bookkeepers, janitors, landscapers and engineers — both hit new highs in April.

May 18 2013

Report: NEPA Economy Is Turning Around

Locator map of the Scranton-Wilkes-Barre Metropolitan Statistical Area in the northeastern part of the of . (Photo credit: Wikipedia)

The 2013 annual report by The Institute for Public Policy & Economic Development indicates Northeastern Pennsylvania is showing signs of an economic turnaround.

The eighth annual Indicators Report, to be released and discussed at a forum Thursday at Mohegan Sun at Pocono Downs, tracks the region’s performance on an array of categories, including demographics, public safety, jobs and the economy.

“The annual Indicators Report serves as a yardstick for measuring growth and trends in Northeastern Pennsylvania,” said Patrick Leahy, Wilkes University president and chairman of the institute, which is a partnership among Keystone College, King’s College, Luzerne County Community College, Marywood University, Misericordia University, Penn State Wilkes-Barre, The University of Scranton, and is owned and managed by Wilkes.

Reports covering more than 120 indicators for Lackawanna and Luzerne counties, as well as statewide data, will be discussed next week. And reports from the institute’s five task forces also will be provided to show data on health and health care, jobs and the local economy, education, housing, transportation and land use.

May 3 2013

U.S. Employers Add 165,000 Jobs; Rate Falls To 7.5 Percent

WASHINGTON — U.S. employers added 165,000 jobs in April, and hiring was much stronger in the previous two months than the government first estimated. The job increases helped reduce the unemployment rate from 7.6 percent to a four-year low of 7.5 percent.

The report today from the Labor Department was a reassuring sign that the U.S. job market is improving despite higher taxes and government spending cuts that took effect this year.

The government revised up its estimate of job gains in February and March by a combined 114,000. It now says employers added 332,000 jobs in February and 138,000 in March. The economy has created an average of 208,000 jobs a month from November through April — above the 138,000 added in the previous six months.

The number of unemployed fell 83,000 to 11.7 million.

Apr 4 2013

The Real Fiscal Cliff: The 4.8 Million Long-Term Unemployed

Today’s alarming financial news is the rise in first-time unemployment claims to 385,000, up 28,000 and also above expectations. The U.S. Labor Department report shows the labor market is weakening, not that it was anything resembling strong in the first place. It makes me want to cry, because every piece of news like this makes me even more distraught about the future of the 4.8 million long-term unemployed.

I’ve covered unemployment issues or more than a decade and the future for those who are out of work beyond the normal six months funded by state benefits is very bleak. These aren’t lazy bums, but desperate people who are financially and emotionally devastated by their situation.

Mar 19 2013

Scranton/Wilkes-Barre Area Residential Unemployment Up In January

Locator map of the Scranton-Wilkes-Barre Metropolitan Statistical Area in the northeastern part of the of . (Photo credit: Wikipedia)

Residential unemployment in the Scranton/Wilkes-Barre metro area increased three-tenths of a percentage point in January to a seasonally-adjusted 9.8 percent, the highest rate of joblessness among the state’s metro areas for 33 consecutive months.

That’s eight-tenths of a percentage point higher for the region than January 2012, according to data released Tuesday by the state Department of Labor and Industry.

It’s not as bad as it looks, experts say.

The increase was due to the growing number of people joining or rejoining the labor force and looking for work. The labor force grew faster than the number jobs available during the year. The number of people working or looking for work grew 10,400 for the trailing 12 months, while the ranks of the employed increases 7,100. The difference – 3,200 – were counted among the unemployed.

Mar 2 2013

Jobs Returning To The Lehigh Valley, Slowly

Lehigh Valley workers were hit harder by the recession and recovered more slowly from the damage than those in many comparable urban areas.

That finding and a slew of others are included in the fifth annual State of the Lehigh Valley research study that was rolled out Thursday at Lehigh University by the Lehigh Valley Research Consortium and Renew Lehigh Valley.

Researchers Christopher Ruebeck and Jamila Bookwala, who led the presentation, ran down regional employment figures between 2006 and 2012, finding that the Lehigh Valley’s job market held its own prior to the recession, comparing favorably with similar metro areas, with the nation as a whole and with our neighbors in New Jersey.

But the Valley’s unemployment rate rose more than comparable metro areas during the Great Recession, and those jobs have come back more slowly than in many comparable areas or the state or nation as a whole.

Jan 29 2013

Lancaster County Jobless Rate Rises Again, To 6.7%

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

Lancaster County has thousands more people working than a year ago.

Sadly, it also has hundreds more people looking for work without success.

That’s pretty much why the unemployment rate here has been spinning its wheels.

Lancaster County’s jobless rate rose to 6.7 percent in December, the state said Monday

Dec 27 2012

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.

Dec 7 2012

U.S. Unemployment Rate Falls To 7.7 Percent

WASHINGTON — The U.S. economy added 146,000 jobs in November and the unemployment rate fell to 7.7 percent, the lowest since December 2008. The government said Superstorm Sandy had only a minimal effect on the figures.

The Labor Department‘s report today offered a mixed picture of the economy.

Hiring remained steady during the storm and in the face of looming tax increases. But the government said employers added 49,000 fewer jobs in October and September than it initially estimated.

And the unemployment rate fell to a four-year low in November from 7.9 percent in October mostly because more people stopped looking for work and weren’t counted as unemployed.

Nov 17 2012

Study: Pennsylvania Income Gap Grew During The Last Decade

Map of Pennsylvania (Photo credit: Wikipedia)

HARRISBURG, PA — Pennsylvania‘s richest citizens pulled away from the state’s poorest during the go-go 1990s, and that trend continued as the bottom began to drop out of the economy, a new study concludes.

Between the late 1990s and early 2000s, the annual incomes of the richest fifth of state households grew by 7.2 percent, or $11,190, to $269,400 while the poorest fifth saw their average income fall nearly 8 percent, or $1,907, to $23,000.

Income inequality also grew between upper and middle-income families in the state. Middle-income families saw their earnings rise by just 1.9 percent between the late 1990s, compared to 7.2 percent for the richest fifth and 11.2 percent for the richest 5 percent of households, the study concluded.

Nov 16 2012

Hostess, Maker Of Twinkies, To Close

Hostess Brands Inc. says it’s going out of business after striking workers across the country crippled its ability to make its Twinkies, Ding Dongs, Wonder Bread and other snacks.

The company had warned employees that it would file a motion with U.S. Bankruptcy Court today seeking permission to shutter its operations and sell assets if plants didn’t resume normal operations by a Thursday evening deadline.

The closing would mean the loss of about 18,500 jobs.

“Many people have worked incredibly long and hard to keep this from happening, but now Hostess Brands has no other alternative than to begin the process of winding down and preparing for the sale of our iconic brands,” CEO Gregory Rayburn said in a letter to employees posted on the company website.

Oct 25 2012

More Expensive Gas Pushes US Consumer Prices Up

WASHINGTON (AP) – Higher gas costs drove up U.S. consumer prices in September for the second straight month. Outside energy, there was little sign of inflation.

The Labor Department said Tuesday that the consumer price index rose a seasonally adjusted 0.6 percent last month, matching the August increase. In the past 12 months, prices have increased 2 percent. That’s in line with the Federal Reserve’s inflation target.

Excluding volatile food and energy costs, prices rose just 0.1 percent. In the past year, so-called core prices have increased 2 percent.

Sep 28 2012

Property Taxes Are Killing Pottstown

Location of Pottstown in Montgomery County (Photo credit: Wikipedia)

Editor’s note: This is a well-written opinion piece from the Fishwrap that was sent to Governor Corbett and other state and local officials. Sums up the state of Pottstown pretty well.

An open letter sent to Gov. Corbett and copied to state Rep. Thomas Quigley and Pottstown Mayor Bonnie Heath.

Gov. Corbett:

There’s a lovely stone house for sale on High Street in Pottstown. Yes, it’s our house. It’s reasonably priced and has piqued the curiosity of many prospective buyers but one item makes them turn and run. “What is so frightening?” you ask. It’s the property taxes! Over $7,500 per year on a house assessed at $150,000. That’s outrageous! We have friends in other Montgomery County communities such as Springfield Township, Abington and Upper Dublin. Their houses are assessed higher than ours but, in some cases, they pay less than half our taxes. There is something drastically wrong with this scenario. Pottstown ranks seventh in school taxes out of 500 Pennsylvania districts. We also rank at the top for producing underachieving students. We have 13.4 percent of our residents over 65, an inordinate number of Section 8 and transient residents in this blue-collar town, and high unemployment. Property values are spiraling downward, creating a dismal sinking into the quicksand of urban destruction.

Our delusional council and school board keep raising taxes as though we were a booming town but we’ve lost our industrial base that employed hundreds at Bethlehem Steel, Firestone, Mrs. Smith’s Pies and other long-gone businesses. Sadly, we’ve also had to say good-bye to our wonderful Pottstown Symphony.

Sep 25 2012

Census Shows Continued Economic Suffering From Recession

Map of the 21 counties of the State of New Jersey (Photo credit: Wikipedia)

The typical New Jersey household’s income dropped again last year, the fifth consecutive decline, according to new data released yesterday by the U.S. Census Bureau.

Not surprisingly, as incomes fell, the ranks of the poor rose.

“The latest federal statistics show there are more people in our state struggling in poverty than during any period in half a century,” says Melville D. Miller Jr., president of Legal Services of New Jersey. “That can cripple the development of our children and our state’s economic and social future.”

The latest Census estimates put the median household income in the state at $67,458. When adjusted for inflation, that was 3.4 percent less than in 2010 and 8.1 percent less than in 2008, the first full year of the recent recession. It’s also less than the actual, unadjusted, median incomes for the prior three years and only slightly above 2007’s actual median income of $67,035 — $72,666 in 2011 inflation-adjusted dollars.

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