Friday, June 19, 2015

Jobs Über Alles

The latest jobs numbers for Pittsburgh are out and for May 2015 there is a bit of good news.  The latest jobs count for the Pittsburgh MSA is 1,191K non-farm jobs in the 7 county region. That is the the highest jobs count ever recorded for the region and begs the question when the region will go over 1.2 million jobs for the first time.  If it will happen this year, likely to be month we are now in (June) since June is almost always the peak jobs count month for Pittsburgh each year.

But when you are near the peak, even small gains are always going to create a new peak right?  What is better news is that the year over year job gains are back up to what is better number by Pittsburgh standards.  For May 2015, the net gain in non-farm jobs over May 2014 was +19,400.

That may not be the biggest rate of job gains compared to other large metro areas,but still it's the largest year over year gain in over 3 years for Pittsburgh.  For sure, it has been a long long long time since net job growth in Pittsburgh really compared well to anywhere else in the nation.  Thus the lack of in-migration and population growth of course, but still, compared to recent and distant path the nearly +20K annual gain compares well to what has been the norm here for some time. Only 5 months in the last decade have been higher. Here is what the longer term time series looks like:


Anonymous DBR96A said...

Best month for job growth in over three years. Not bad. What a weird year 2013 was.

Saturday, June 20, 2015 4:46:00 PM  
Anonymous MH said...

Somebody tell me when it gets strong enough that I can ask for a raise.

Monday, June 22, 2015 4:00:00 PM  
Anonymous BrianTH said...

Given the stagnant population trend and the fact we are probably more or less at the natural rate of employment, any sort of sustained job growth around (or even pretty far below) this rate is remarkable.

I'd suggest that mostly reflects a common topic around here--the fact the overall population trend conceals a far more rapid change in population composition.

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