The Keystone Research Center (KRC) has reported that the job market in April 2024 is the strongest it has been in six decades, with a record-low unemployment rate of 3.4%. This positive news comes from a study conducted by KRC, which found that the number of nonfarm jobs has reached a record high of 6,149,500 and has increased by 2,600 jobs compared to March. Pennsylvania has also gained 81,000 jobs over the last 12 months and now has an unemployment rate half a percentage point below the national rate of 3.9%.
The low unemployment rate gives workers more leverage in the job market, allowing them to negotiate higher salaries and better benefits. Economic analyst Maisum Murtaza notes that this leads to increased buying power for workers each month. The Economic Policy Institute reports that U.S. workers have seen average real wage increases for 12 consecutive months, while unionized workers enjoyed a particularly strong increase of 6.3% in wages over the past year compared to only a 4.1% increase for nonunion workers.
The Pennsylvania Department of Labor & Industry (L&I) released its preliminary jobs report for April showing that unemployment remains at a record-low of 3.4%. This consistent low rate is seen as a positive sign for both employers and employees alike as it continues to drive economic growth in the state. The Keystone Research Center’s executive director and economist Stephen Herzenberg described the job market in April as “the strongest since the 1960s” and called it “a testament to Pennsylvania’s resilience.”
