In Pittsburgh, the healthcare sector is expected to be a key driver of job growth in the long run [4191f732]. While the local employment in May was still about 2% lower than before the pandemic, with a difference of over 20,000 jobs, the healthcare industry has almost recovered to its pre-pandemic level of employment, experiencing a decline of less than 1% [4191f732]. Since 1990, healthcare employment in Pittsburgh has increased from 12% to over 17% of local employment [4191f732]. The increasing share of employment in healthcare can be attributed to factors such as an aging population, increased demand for healthcare services, and the attraction of patients and funding from other regions [4191f732]. The concentration of Pittsburgh in the healthcare sector has its advantages, including being less exposed to national recessions and offering a wide range of employment opportunities. However, it also lags during economic expansions [4191f732]. Overall, healthcare is expected to continue being a significant source of employment and income for the Pittsburgh area in the long term [4191f732].
The Appalachian Regional Commission (ARC) released its 14th annual report, 'The Appalachian Region: A Data Overview from the 2018-2022 American Community Survey,' which highlights progress and challenges in the region [30533002]. The report shows a decrease in poverty rates and an increase in median family income. Bachelor's degree attainment and labor force employment rates have also increased [30533002]. However, population decline, high poverty rates in some counties, and lower broadband subscriptions compared to the national average remain challenges [30533002]. The ARC's average employee salary in 2023 was $125,557, higher than the national average for government employees and other federal agencies [30533002]. The article questions the need for the ARC and emphasizes the importance of holding the agency accountable to serve the region [30533002].
New data released by the Appalachian Regional Commission (ARC) in the 14th annual update of 'The Appalachian Region: A Data Overview from the 2018-2022 American Community Survey' shows that rates of labor force participation, educational attainment, income, and poverty continue to improve in Appalachia [b23a34ca]. Poverty rates declined in every Appalachian subregion, state, and type of county. The region's overall poverty rate decreased two percentage points between 2013-2017 and 2018-2022. Median family income increased 9.3 percent between 2013-2017 and 2018-2022. Bachelor's degrees among individuals ages 25 and over increased by three percentage points. Appalachia's labor force employment rate is slightly above the U.S. rate at 95.7 percent. Southern Appalachia's population increased 11.8 percent between 2010 and 2022. The share of Appalachian households with at least one computer device rose 8.6 percentage points, and the share with broadband internet access increased by 12.2 percentage points [b23a34ca]. However, vulnerabilities in Appalachia compared to the rest of the nation include population decline in nearly 60 percent of the region's counties, higher poverty rates for children and young adults, higher participation in the federal Supplemental Nutrition Assistance Program (SNAP), higher disability rates in older adults, and persistent digital divides in broadband access [b23a34ca].
In October, job growth in the US fell short of market expectations, with the economy adding 150,000 jobs but the unemployment rate rising to 3.9% [5a310da1]. The labor market showed signs of cooling, possibly due to a decline in manufacturing caused by labor action [5a310da1] [98821cbc]. Private payrolls in the US rose by 113,000 jobs in October, lower than the forecast of 150,000 [44d31ff9]. No single industry dominated hiring, but health and education employers created the most jobs, followed by trade, transportation, and utilities [a509c4c0]. Despite the cooling trend, the US labor market remains strong compared to the last 30 years [40818132]. The Massachusetts economy also experienced job losses for the second consecutive month in October, reflecting a slowing national economy [5071e50d]. The job losses and rising unemployment rate in Massachusetts are attributed to sectors such as professional services, government, leisure and hospitality, and information [5071e50d]. However, sectors like education and health services, construction, and other services gained jobs [5071e50d]. Overall, the labor market continues to show resilience amidst various challenges [5a310da1] [40818132] [5071e50d].
In Lancaster County, Pennsylvania, unemployment ticked up slightly to 2.6% in October from September's 2.4%, but remained near historic lows [c2f86051]. The availability of jobs has contributed to positive consumer sentiment, which may indicate strong holiday spending [c2f86051]. The leisure and hospitality sector lost 1,300 jobs, but retained more workers than in previous years [c2f86051]. The trade, transportation, and utilities sector added about 800 jobs, and education and health services added about 700 jobs [c2f86051]. Over the year, nine out of ten super sectors in the county added jobs, with the largest gain in education and health services [c2f86051].
Nationally, the number of Americans applying for unemployment benefits fell sharply, indicating a resilient job market [c2f86051]. However, the global economy is expected to slow down next year due to wars, inflation, and high interest rates [c2f86051]. The Organization for Economic Cooperation and Development predicts international growth to slow to 2.7% in 2024, with the US economy expanding by just 1.5% as the Federal Reserve raises interest rates [c2f86051].
In the Pittsburgh region, the unemployment rate is at a decades-low of 3.6% [440f3899]. However, according to Gus Faucher, the chief economist at PNC Bank, the low unemployment rate may not accurately reflect the true state of the labor market in the region [440f3899]. Faucher points out that the decline in the labor force participation rate is partly responsible for the low unemployment rate [440f3899]. The labor force participation rate in the Pittsburgh region has dropped to 60.4%, which is below the national average [440f3899]. Faucher also mentions that the region has seen a decline in population, which further contributes to the lower labor force participation rate [440f3899]. Therefore, while the unemployment rate appears low, it may not fully capture the challenges and realities of the labor market in the Pittsburgh region [440f3899].