Tuesday, March 18, 2014

87 months... and counting

With the latest dump of regional labor force data today, the unemployment rate for the Pittsburgh region has dropped to 3/10ths of a percent to 6.0% for January 2014. We are now 87 months since the local unemployment rate has been higher than the national unemployment rate. So my relative unemployment metric now looks like this.

addendum. If you want another parse to the data today. Over last two months the regional unemployment rate has dropped 6/10ths of a percent.  That has not happened in 16 years.  If the answer is people dropping out of the labor force, then why is local labor force participation so high?

But as happens at the beginning of the year, lots of benchmark revisions of past data as well.


Anonymous DBR96A said...

What the hell happened to the job growth? The BLS revised everything from a consistent +10,000 to +15,000 down to effectively zero.

I'm worried now that those who want to see Pittsburgh fail will win.

Tuesday, March 18, 2014 12:16:00 PM  
Anonymous Anonymous said...

nobody wants to see pittsburgh fail, you just need to realize what the city has been built on the past three decades. It was set up to fail.

Wednesday, March 19, 2014 1:10:00 PM  
Anonymous Anonymous said...

and just because i love to throw mud in the good bloggers eye.......


Wednesday, March 19, 2014 1:19:00 PM  
Blogger C. Briem said...

Sprott, from Sprott Asset Management with footnotes to Sprott.

Bafflegab I tell you.

Wednesday, March 19, 2014 1:24:00 PM  
Anonymous Anonymous said...

So baby boomers actually increasing as a percentage of the labor force, unsustainable trends in higher education and healthcare, and your answer is to shoot the messenger?

Wednesday, March 19, 2014 1:41:00 PM  
Blogger C. Briem said...

I honestly have no idea what the message was intended, and less what it has to do with this post which is all about Pittsburgh comparing to the US.

and if you are the same anonymous.. the earlier comment is even more perplexing since this is not a post about the city proper. I also wonder what big change in governance took place in 1984, i.e. three decades ago that is implied.

Wednesday, March 19, 2014 1:56:00 PM  
Anonymous marketdiamond said...

I'm scratching my head here too, I can understand applying a non-relevant source to something that might be Pittsburgh specific but failing to see the connection here. If anything Pittsburgh is coping better then the rest of the "sun-belt" boom US (remember the chief reason we are in the 'Great Recession' is the mortgage bubble that Pgh was not a part of).

Only thing I can make is that the 3 decades thing is Ren II when the mills went out and we shifted to Eds/Meds etc. Service economy in general with fewer exports like steel, appliances etc. Oh and btw anonymous if you want your hair blown back on this pull up David Stockman's multiple talks on it (he was on CNBC Closing Bell today). But again what exactly Grant Street or Harrisburg can do about national debt/unfunded liabilities etc. is borderline irrelevant.

Wednesday, March 19, 2014 4:49:00 PM  
Anonymous Ron Gaydos said...

Doesn't look bad, unless you're a millenial, or me. 45-54's' rate is just over 5%. So why do I have my name on some blacklist? ;)

Wednesday, March 19, 2014 7:35:00 PM  
Anonymous CPNS 2014 said...

it's the final?

Friday, March 28, 2014 2:09:00 AM  
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