Pennsylvania is experiencing a robust job market, with a record low unemployment rate of 3.4% in April, which is lower than the national rate of 3.9%. This positive trend has been ongoing for months, with the unemployment rate staying between 3.2% and 3.4% over the past year, indicating that the job market is recovering from the challenges posed by the COVID-19 pandemic.
According to Maisum Murtaza, a research associate at the Keystone Research Center, this positive trend gives workers more leverage in the labor market both individually and collectively, which can lead to increased buying power. Real wages have started to rise over the last 12 months, coinciding with the low unemployment rates. Inflation is coming back under control, and its persistence is helping the labor market recover. Nonfarm jobs in Pennsylvania reached a record high of over 6 million, with an increase of 2,600 jobs in April and the ninth consecutive monthly increase.
Pennsylvania added 81,000 jobs to its overall employment over the past year, with the education and health services industry leading the way. Over