Pennsylvania has record low unemployment; the inflation rate is rising | News

HARRISBURG — Pennsylvania’s unemployment rate remained at 3.5 percent in August, marking consecutive months in which the employment rate hit the lowest level since records began in January 1976, according to the Pennsylvania Department of Labor and Industry.

The commonwealth’s rate is below the national rate of 3.8 percent, which was up 0.3 percent from July, according to the Bureau of Labor Statistics, a division of the U.S. Department of Labor.

Compared to August 2022, Pennsylvania’s rate is down 0.8 percent.

As the state Department of Labor and Industry pointed out on Friday, in August, workers in the state of Pennsylvania were more active: 1,000 more people were looking for work than a month earlier. Resident employment rose by 6,000 since July and unemployment fell by 4,000, according to the department.

Another Commonwealth record is the number of non-agricultural jobs. The total rose by 15,800 in August to a new record high of 6,164,500.

According to the Shapiro administration, nonfarm payrolls rose for eight straight months, with gains in eight of 11 “industry supersectors,” including record gains in education and health care, construction and trade, and transportation and utilities. services.

Friday’s unemployment data came a day after independent government agency the Independent Fiscal Office (IFO) reported that inflation rose in August after a streak of steady slowdown since June 2022.

The IFO issues a bimonthly report that looks at the Consumer Price Index for the Philadelphia area to track inflation trends. Energy prices, driven by a 5 percent increase in gasoline prices, pushed headline inflation to 3.9 percent in August, up from 3.1 percent in June, according to the latest report.

Inflation rates for rent (7.7 percent), homeowner’s equivalent rent (7.4 percent) — a measure of lost rental income when the primary residence is rented out — and food costs rose from last year.

Food prices rose 2.8 percent from August 2022, but fell slightly by 0.3 percent from July, the report said. Although the rate of housing inflation was largely stable month-on-month, the IFO report noted that the rate of inflation was significantly higher than the general rate of inflation.

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