How low is low?
So I note my friend Mark's comment in one of the stories on the latest labor force data. PG: Pittsburgh Area unemployment rate declined slightly in July. He is quoted in part: "With a healthy unemployment rate for the region being in the range of 4.5 percent." I am certain he said a lot more in context to explain that, but the blurb that made it to ink is worth thinking about. What is a low unemployment rate for Pittsburgh. Is 4.5% some standard? Below is a histogram of the monthly unemployment rate for Pittsburgh every month since January 1970. The regional unemployment rate has been below 4.5% for all of 33 out of 532 months over that period. So 6.7% of the time. Just saying..... if that is the standard, when we reach it we will be in rarified times for Pittsburgh.