Our opinion: Worries can’t slow job numbers
The numbers out of Washington D.C. are a cause for concern — but not alarm.
The latest figures for unemployment claims saw the number increase to about 240,000, the highest since August, according to an Associated Press report.
Pennsylvania’s unemployment rate was 4.0% in November according to the state Department of Labor and Industry, remaining at the record low set in October 2022. The U.S. unemployment rate was also unchanged over the month, remaining at 3.7%.
The commonwealth’s unemployment rate was 1.5 percentage points below its November 2021 level and the national rate was down 0.5 percentage points over the year.
But, the Associated Press also notes, that figure is still historically low and employers are averaging an additional 407,000 jobs a month — which, along with 2021’s figures, are the best job creation numbers since records began being kept in 1940.
Perhaps no economic indicator is more important than unemployment and the number of jobs. The U.S., as it grapples with other serious economic problems — rising energy costs, inflation, increases in interest rates meant to cool that inflation — can take solace that jobs are readily available.
We, in fact, have heard from numerous employers that one serious problem our region’s economy confronts is the difficulty in finding workers to fill our region’s jobs. Employers throughout the country are seeing similar problems, which, according to the research of one economist firm, is tempering or slowing expected layoffs.
“We expect layoffs to rise,” economist Rubeela Farooqi told the Associated Press. “However, the move is likely to be gradual given businesses are still struggling with labor shortages and will be reluctant to cut their workforce.”
While we all anxiously await more effective approaches to inflation, energy costs and labor shortages, we can find reassurance that jobs, for now, are plentiful.
