Lehigh Valley Unemployment Rate Spikes

he Lehigh Valley‘s unemployment rate spiked again in July as the number of people looking for work continues to grow faster than businesses add jobs.

The unemployment rate hit 8.8 percent in July, up from 8.5 percent in June, according to data released Tuesday by the state Department of Labor and Industry.  It is the second straight month the unemployment rate increased even though the number of Valley residents working grew.

A total of 395,300 Valley area residents had jobs in July, the highest that number has been since November 2008, just as the Great Recession was taking hold.  But the workforce is growing at a faster pace.

From May to July, 6,700 new workers entered the labor pool, but fewer than half of them — 3,200 — found jobs.  When the workforce grows faster than businesses add jobs, the unemployment rate goes up.

Read more: http://www.mcall.com/business/mc-lehigh-valley-jobs-july-20120828,0,386387.story

BNY Mellon To Cut Workforce By Three Percent

One Mellon Center in downtown Pittsburgh, Penn...

Image via Wikipedia

Bank of New York Mellon is cutting 1,500 jobs world-wide to reduce costs.  While the company is generating excellent revenue, expenses are up 20 percent over this time last year.  A hiring freeze is being implemented as well as a cut back on temps and contract workers.

BNY Mellon is a LARGE employer in the Pittsburgh region.  There are about 7,700 BNY Mellon employees, mostly in downtown Pittsburgh.  BNY Mellon has targeted Pittsburgh as a low-cost global growth center!  That means BNY Mellon will continue to move jobs to the Pittsburgh region.  This is excellent news for Pittsburgh and Pennsylvania!