Seven years and counting
But the real story is buried in the jobs data out last week. So from posts last week 1) Manufacuting jobs are down to a new historic level in Pittsburgh, but 2) historic year over year growth in the combined education and health care sectors here.
But despite the doom and gloom about how this months data is being reported, it turns out the pace of job (vice employment) growth in the region is actually trending up, currently at a year over year pace of +20K. Somehow this is bad. For reasons we have touched upon occasionally here, I trust the NF jobs number a lot more than the CPS driven labor force data. In fact, a lot of the hard data in the labor force data is actually derived from the CES jobs data. So it makes an interesting question how the high job growth gets modeled down to an employment drop of late. Anyway, here is the NF jobs trend of note;