WXVU MAINLINE NEWS MINUTE FOR THE WEEK OF SEPTEMBER 11
Written by Gabriella Raful on September 12, 2023
By: Gabriella Raful
A tight labor market with steady growth and historically low unemployment – those are the findings in the new “State of Working Pennsylvania” report. In July, Pennsylvania’s unemployment rate was 3-and-a-half percent, compared to 4-point-3 percent a year ago. Report coauthor Stephen Herzenberg at the Keystone Research Center says the strong economy should benefit workers even more looking forward. When there are more job openings than unemployed workers, he says it gives workers greater choice and leverage in the job market.
“Because of the tight labor market, even though inflation was high, workers wages have actually kept up and they’re beginning to see increases in real wages in their pay packets. And that should continue into the next year.”
He says the tight labor market appears to be driven by continued job growth plus long-term demographic factors which are shrinking the growth rate of the working-age population.