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Inflation Eroding Real Wages and Pension Benefits

The IFO published a new research brief that examines the impact of inflation on the real earnings of Pennsylvania workers and the real value of public pension benefits.

Tags: inflation, pension, wages

PA and U.S. Record Historic Wage Growth

Using the latest data, the Independent Fiscal Office published a research brief that finds historic wage gains for the U.S. and Pennsylvania. The brief notes that employee compensation comprises 56% of final sales and firms will likely push most labor costs forward to final consumers, thereby putting upward pressure on prices and inflation.  

11/03/2021

inflation Eroding Real Wages and Pension Benefits

The IFO published a new research brief that examines the impact of inflation on the real earnings of Pennsylvania workers and the real value of public pension benefits.

10/19/2021

Raising the Minimum Wage in Pennsylvania

This research brief presents an analysis of the potential impact of the proposal to 1) raise the Pennsylvania state minimum wage from $7.25 to $10.10 and 2) automatically adjust future minimum wage levels to offset inflation.

11/30/2015

Five_Year_Outlook_2021.pdf

Programs ............................................................................................11 Payroll Employment .......................................................................................................12 Labor Force Trends ........................................................................................................14 Income Trends ..............................................................................................................17 Unspent Federal Stimulus ...............................................................................................18 Consumer Spending Patterns ..........................................................................................20 Inflation and Sales Taxes ................................................................................................21 Financial Trends ............................................................................................................22 Revenue Outlook .............................................................................................................. 23 Personal Income Tax......................................................................................................24 Sales and Use Tax .........................................................................................................25 Corporate but rather a controlled simulation. They assume that economic growth is consistent with full employment, historical labor productivity gains and inflation expectations. The economic simulation provides a neutral baseline that policymakers can use to assess fiscal sustainability, and it assumes that

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Five_Year_Outlook_2019.pdf

a controlled simulation. They assume that economic growth is consistent with full employment, historical labor productivity gains and inflation expectations. The economic simulation provides a neutral baseline that policymakers can use to assess fiscal sustainability, and it does not assume that that analysts use to gauge the performance of a state economy: (1) real gross domestic product (GDP, excludes inflation), (2) nominal GDP, (3) statewide wages and salaries, (4) the regional consumer price index (CPI-U) and (5) the annual change in

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RB_2021_10_Inflation_Impact_Wages.pdf

Many recent articles have noted the negative impact that high rates of inflation are having on the real earnings of U.S. workers. 1 The latest monthly earnings release by the U.S prior year. 2 Despite strong nominal wage gains, the real value of those gains has been eliminated by economy-wide inflation as measured by the U.S. Consumer Price Index (CPI-U). To examine this issue for Pennsylvania workers, Table 1

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Five_Year_Outlook_2020.pdf

but rather a controlled simulation. They assume that economic growth is consistent with full employment, historical labor productivity gains and inflation expectations. The economic simulation provides a neutral baseline that policymakers can use to assess fiscal sustainability, and it does not 2023 and later years, the forecast reflects a long-run growth rate that is consistent with full em- ployment, low inflation and normal productivity gains. For these projections, the forecast assumes that:  The Federal Reserve achieves its target inflation rate

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ACN_SB1_A01354_A01558_2017_06_03a.pdf

those plans. Therefore, those types of risk are not discussed further. A sixth type of risk noted by actuaries is inflation risk. This risk reflects the potential loss of pur- chasing power caused by rising price levels. Some DB plans provide retirees with cost-of-living ad- justments to offset inflation and maintain the purchasing power of future benefits. The current DB plans offered by the Systems provide a fixed annual

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2000_cost_of_living_adjustments.pdf

a formula, with over 80% of the formulas based on the Consumer Price Index (CPI) or some other measurement of inflation. Fixed - In 31% of the retirement systems, the benefit amount is determined as one fixed percentage or dollar amount. The adjustments, or cost-of-living increases, are utilized to address erosion in the purchasing power of retirement benefits caused by inflation. Methods of Implementing Postretirement Adjustments Ad Hoc Postretirement Adjustments. Postretirement adjustments may be provided either on an ad hoc basis

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Revenue_Estimate_2021_05.pdf

recovery from the significant contraction in calendar year (CY) 2020. For the current year and next, the forecast projects higher inflation due to (1) domestic and international supply chain issues and (2) federal monies injected into the national and state economies and will expand by nearly 14% relative to 2020 Q2 during the height of mitigation efforts and mandated business closures. ▪ Inflation accelerated rapidly in April to 3.5%. The May 2021 Manufacturing Business Outlook Survey published by the Philadelphia Federal Reserve

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June_Revenue_Estimate_2021.pdf

recovery from the significant contraction in calendar year (CY) 2020. For the current year and next, the forecast projects higher inflation due to (1) domestic and international supply chain issues and (2) federal monies injected into the national and state economies and will expand by nearly 12% relative to 2020 Q2 during the height of mitigation efforts and mandated business closures. ▪ Inflation accelerated rapidly in April to 3.5%. The May 2021 Manufacturing Business Outlook Survey published by the Philadelphia Federal Reserve

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Revenue_Proposal_Analysis_2021_04.pdf

used. The lower portion of Table 2.1 displays the difference between the current SP parameters and thresh- olds and inflation-adjusted values based on the Philadelphia Consumer Price Index for All Urban Consumers (CPI-U) through 2021. If the comparison SP thresholds and exemptions. Personal Income Tax | Page 17 taxpayer with one dependent is $5,230 lower compared to the inflation-adjusted amount from 1974. How- ever, for two dependents, the difference is positive ($480) because the current law parameters are

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PA_Turnpike_Toll_Projections_May_31_2013.pdf

rising prices.  Regional (PA-NY-NJ) real GSP increases at a slightly slower (2.0 percent) annual rate.  Inflation increases by 1.6 percent per annum. The inflation measure reflects the price of all consumer goods and services for the Pennsylvania-Delaware-New Jersey-Maryland region, also referred

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mid-year-FY14-15-presentation.pdf

0% 2002 2004 2006 2008 2010 2012 2014 2016 Wages Average Wage CPI‐U June Forecast Called for 2.2% Inflation in 2015. • Revised down to 0.3%. Could be negative (IHS Economics). • Due to low gasoline prices. Low utility prices too. • Strong dollar also makes imports cheaper. Why Does This Matter? • Tax revenues include inflation. • Inflation is transmitted to tax revenues through (1) higher prices (SUT) and (2) higher wages (PIT). • Expenditure impact unclear (e

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Five_Year_Outlook_Presentation_2021.pdf

long-term fiscal outlook Method: assume economy reverts to long-term trends Key Themes and Issues Federal Stimulus, Labor Force, Inflation November 15, 2021 1 Today’s Guest Speaker – Emily Maher, NCSL Navigating the Waters: How States are Spending Fiscal Recovery contracts ▪ COVID: ~30,000 excess deaths in 2020 + 2021 | small baby bust 2021 ▪ No longer-term impacts Economics jobs and inflation ▪ Will workers return? | impact of general price and asset inflation ▪ Does a wage-price spiral emerge? Revenues permanent real and

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Presentation_Phil_Chamber_2-12-2015.pdf

to FY 2014-15 General Fund revenues. • Implications for projected budget deficits. Latest Economic Developments. • Gas prices. Consumer confidence. Low inflation. 12.Feb.2015 2 Today’s Presentation  Act 120 of 2010 Creates Independent Fiscal Office. • Hiring starts September 2011 Fiscal Office. 14 +$100 m inheritance gas prices and confidence sustainable? Economic Developments Gas Prices Collapse Consumer Confidence Surges Low Inflation Anticipated 12.Feb.2015 15 12.Feb.2015 16 Monthly Average Gas Price $1.50 $2.00 $2.50 $3

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Official-Revenue-Estimate-2018-06.pdf

of 2017. (See Table 1.1.) The forecast projects that:  Real GDP (real gross domestic product, excludes inflation) will increase by 2.3 percent (2018) and 2.2 percent (2019).  The Philadelphia and Pittsburgh CPI-U (consumer price index com- parison shows:  An upward revision to 2017 and 2018 real GDP growth.  Lower consumer price inflation in 2017 and 2018.  A downward revision to 2016 wage growth, but stronger growth for 2018.  Stronger job gains for

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Initial-Revenue-Estimate-2018-05.pdf

of 2017. (See Table 1.1.) The forecast projects that:  Real GDP (real gross domestic product, excludes inflation) will increase by 2.3 percent (2018) and 2.2 percent (2019).  The Philadelphia and Pittsburgh CPI-U (consumer price index com- parison shows:  An upward revision to 2017 and 2018 real GDP growth.  Lower consumer price inflation in 2017 and 2018.  A downward revision to 2016 wage growth, but stronger growth for 2018.  Stronger job gains for

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Budget_Hearing_Background_Feb2016.pdf

 Service populations that expand at a faster pace than the labor force that supports the tax base.  Healthcare inflation that outpaces general inflation and many sources of revenue. The report assumes that trend will continue into the future. After this fiscal year, the

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2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

principal. Because annual covered payroll of active members can be expected to increase in future years as a result of inflation, level-dollar payments generally represent a decreasing percentage of annual payroll. Under level-percentage-of-projected-payroll amortization, amortization payments generous for already‐retired workers every year, is that benefits are based on the employees top salary years unadjusted for inflation. Since Pennsylvania SERS and PSERS benefits are not automatically adjusted for the rising cost‐of‐living, unlike Social Security, 8

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Monthly_Economic_Update_September_2021.pdf

of Labor Statistics released CPI-U data for August. The data for the Philadelphia metro region show year-over-year inflation of 4.6%, down from 4.9% in June. That result is due to a deceleration in used car and gasoline inflation (not shown in table) and a significant deceleration in Medical Care inflation from 2.8% in June to 0.0%

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IFO Five-Year Outlook.pdf

13.  Assume base year policy is maintained all future years.  Provide same relative funding levels controlling for (1) inflation and (2) demographic growth.  Assume tax law does not change.  Only two factors change.  Economic growth (GDP  When calculating average cost per recipient, data from Executive Budgets were used.  Once avg. cost was determined, various inflation factors were applied over forecast window.  State pension contributions were backed out and forecasted separately.  Pensions added back

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Revenue-Proposal-Analysis-2019-03.pdf

of March 1, 2019). Table 2.1 Minimum Wage Rates by State (as of January 1st) 1 All inflation adjustments in this table use IHS Markit's U.S. CPI-U year-over-year growth rate to estimate inflation adjustments for future years. Minimum Wage | Page 14 Recent Minimum Wage Studies The text that follows provides the main findings and results

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RB-2017-5.pdf

the economic metrics used for the purpose of the analysis (gross domestic product and personal income) include the impact of inflation as well. Independent Fiscal Office Page 2 set of industries or age groups. Second, the results will likely be sensitive have also contributed to the results of this analysis. The time period examined was characterized by very low levels of inflation. During such times, wage earners generally fare better than periods of high inflation because wages paid to workers typically do

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MTR-2015-10.pdf

FaɆɆiɈg EɈeɌgɓ PɌiceɍ DɌiɐe Lɉɑ IɈfɆaɎiɉɈ aɈd EɆiɇiɈaɎe COLAɍ The inflation rate, an important economic indicator, has remained relatively low over the past three years, and that outcome has implications for cost of living adjustment or COLA. Social Security recipients receive COLAs to ensure that their benefits are not eroded by inflation. Annual COLAs are determined by the U.S. Department of Labor based on the Consumer Price Index for Urban Wage

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Five_Year_Outlook_2017_Presentation.pdf

rate gap lower than last year (~0.5%). November 16, 2017 6 Some Important Caveats Assume discretionary spending grows with inflation.  Need not happen. Policymakers often elect to “flat fund.”  Who absorbs the higher costs? The service provider. Economic 000s) +52,000 jobs per annum -7,200 jobs per annum +46,200 jobs per annum Assumes Normal Growth and Inflation -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%

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Presentation_2016-05-12_PaDUC_Impact_of_Demographics.pdf

of Labor Statistics. PA Employment Changes By Sector 19 12.May.2016 Expenditure Impacts All expenditure projections motivated by: (1) inflation projections; and (2) growth in service populations. Appropriate level of expenditures will be determined by the Governor and General Assembly 1% … 2.2% General Fund Expenditure Extrapolators 21 12.May.2016 Average Annual Growth Population Age 65+ 2.8% General Inflation 2.1% Healthcare Inflation Premium 1.5% Age 65+ Healthcare Expenditure Trend (excluding policy changes) 6.4% 22 Example: Age

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PASBO_March_17_2021.pdf

5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% Base Index SAWW ECI low inflation Sources: Index and components through 21-22 published by PDE. For later years, SAWW is projected by the Department of projected by IHS Markit with minor adjustments by the IFO. Assumes no change in minimum wage. March 17, 2021 moderate inflation strong jobs market Great Recession large ECI and SAWW disconnect another rare disconnect COVID-19 PA Macroeconomic Growth Rates: 2002

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Monthly_Economic_Update_November_2021.pdf

Producer and Consumer Inflation Accelerate in October This week, the U.S. Bureau of Labor Statistics (BLS) released October data for the Producer Price prices received by domestic producers of goods and services. It is similar to the CPI, but while the PPI shows inflation from the perspective of sellers, the CPI shows inflation from the perspective of purchasers or consumers. Unlike the CPI, the

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Monthly_Economic_Update_May_2021.pdf

Increases 3.5%, Core CPI-U up 5.0% On May 12, the U.S. Bureau of Labor Statistics released inflation data for metro regions. For April, the All Items CPI-U for the Philadelphia metro region increased by 3.5% Shelter portion of the Philadelphia CPI-U. Therefore, the All Items Less Shelter index may provide the best measure of inflation for goods and services that consumers actually purchase. PA Total Wage Growth Accelerates Based on the latest four months of

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Budget Hearings Packet.pdf

Other Subtotal (2) Outlook Summary Economic and Consumer Outlook Page The U.S. economy expands moderately in 2017 and consumer inflation exceeds 2.0%. 3 The Pennsylvania economy showed weak expansion in 2016 and acceleration in 2017. 4 For 2016, total consumer debt increases modestly due to a reduction in primary mortgage debt. 5 Consumer inflation in both the Philadelphia and Pittsburgh metro regions begins to accelerate. 6 Gasoline prices have recovered from a decade low

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Budget Hearings Packet- Web Version.pdf

Other Subtotal (2) Outlook Summary Economic and Consumer Outlook Page The U.S. economy expands moderately in 2017 and consumer inflation exceeds 2.0%. 3 The Pennsylvania economy showed weak expansion in 2016 and acceleration in 2017. 4 For 2016, total consumer debt increases modestly due to a reduction in primary mortgage debt. 5 Consumer inflation in both the Philadelphia and Pittsburgh metro regions begins to accelerate. 6 Gasoline prices have recovered from a decade low

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Revenue-Estimate-2020-05.pdf

forecast used for this revenue estimate. The forecast assumes that:  Real GDP (real gross domestic product, excludes inflation) decreases by 6.2 percent (2020) and increases by 6.3 percent (2021).  Wages and Salaries paid to Pennsylvania residents decrease  Increases for most fees levied under Title 75 (the Vehicle Code) are tied to the rate of inflation, with adjustments occurring in calendar years ending in an odd number. Therefore, there is no inflation adjustment for FY 2020-21. 

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Revenue-Estimate-2019-05.pdf

U.S. economic forecast by IHS Markit projects a deceleration of economic growth, stable wage gains and moderate inflation. (See Table 1.1 .) For Pennsylvania, the economic forecast by the Independent Fiscal Office (IFO) also projects a deceleration of economic growth moderate pace of jobs creation. The Pennsylvania forecast projects that:  Real GDP (real gross domestic product, excludes inflation) will increase by 1.9 percent (2019) and 1.9 percent (2020).  Wages and Salaries paid to Pennsylvania residents will increase

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Official-Revenue-Estimate-2020-06.pdf

forecast used for this revenue estimate. The forecast assumes that:  Real GDP (real gross domestic product, excludes inflation) decreases by 5.6 percent (2020) and increases by 5.5 percent (2021).  Wages and Salaries paid to Pennsylvania residents decrease  Increases for most fees levied under Title 75 (the Vehicle Code) are tied to the rate of inflation, with adjustments occurring in calendar years ending in an odd number. Therefore, there is no inflation adjustment for FY 2020-21. 

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Official-Revenue-Estimate-2019-06.pdf

U.S. Economic forecast by IHS Markit projects a deceleration of economic growth, stable wage gains and moderate inflation. (See Table 1.1.) For Pennsylvania, the economic forecast by the Independent Fiscal Office (IFO) also projects a deceleration of economic growth Pennsylvania forecast for calendar years 2019 and 2020 projects that:  Real GDP (real gross domestic product, excludes inflation) will increase by 1.9 percent each year.  Wages and Salaries paid to Pennsylvania residents will increase by 4.1 percent

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NewsStand_2019_July.pdf

2019 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND Nursing Home Costs Outpacing Medical and Consumer Inflation On June 25, Bloomberg featured the results of a six-year study on nursing home prices by Georgetown Univer- sity nursing home prices between 2005 and 2010 generally increased much faster than the overall cost of medical care and consumer inflation. In 2018, the national median cost for a private room in a nursing home was $275 per day, or $100

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MTR-2016-09.pdf

Dollar amounts are in millions. WEAK GLOBAL DEMAND REDUCES DAIRY PRICES U.S. consumers have recently benefited from very low inflation in 2015 (0.1% annual increase) and 2016 (1.1% through August). Pennsylvania consumers have also benefited, as the Philadelphia metro area Consumer Price Index (CPI-U) shows even weaker regional inflation (-0.1% and 0.4%, respectively). 1 Originally driven by a collapse in energy prices, this trend has now spread

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Mid_Year_FY16-17_Presentation.pdf

driving weakness?  Base General Fund growth rate is ~0.0%.  Both economic and technical factors are cause.  Inflation, business spending and consumers. No public presentation.  But will be posted to IFO website. 25.Jan.2017 2 IFO year. Source: U.S. Bureau of Labor Statistics. Forecast by IFO. PA Employment Growth (000s) 25.Jan.2017 5 PA Inflation Picks Up Year-Over-Year Increase 2015.4 2016.1 2016.2 2016.3 2016.4 Philly CPI-U (100%

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Five_Year_Outlook_2016_IFO_PPT.pdf

the Governor must bring budget into balance.  What about the federal government? Taxes? ACA? “Discretionary” Spending Grows With Inflation.  Need not happen. It is an assumption.  Policymakers control that outcome. 11/15/2016 5 Converge to “Normal 2000 2004 2008 2012 2016 2020 PA US +47,000 jobs per annum 3.2% average wage growth 2.1% inflation 1.1% real wage increase also known as a “flat line” Real GDP Growth Demographic Outlook Projections from the Pennsylvania

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Single-Use Plastics Report-2020_06.pdf

Stirrers; Expanded Polystyrene Food Containers Extension to Polystyrene Foam | Page 50 capita spending for Pennsylvania and, adjusted for inflation, that results in $184.1 million ($14.38 per capita) of projected EPS foam purchases in 2020. This value will be used from the Maryland study conducted by mb Public Affairs, Inc. to calculate a per capita cost, adjusted for inflation, for EPS foam products used for school meal services in the Commonwealth. As shown in Table 8.6, using the general cost

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Revenue_Estimate_2021_05_Presentation.pdf

state Four key questions ▪ What happens when federal monies are removed? ▪ Is there a labor shortage? ▪ Is the uptick in inflation transitory? ▪ Is there a stock market and/or housing market bubble? Many unusual factors impact FY 2021-22 revenues ▪ Removal week of September ▪ Potential infrastructure package and tax changes excluded Other miscellaneous assumptions ▪ Supply constraints ease during next several months ▪ Inflation is temporary and peaks in late summer 2021 ▪ No major correction in stock or housing markets May 26, 2021 2

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Revenue-Proposal-Analysis-2020-04.pdf

25 7.25 7.25 Table 2.1 Minimum Wage Rates by State (as of January 1st) 1 Inflation adjustments in this table use a 2.0% growth rate to estimate inflation adjustments for future years. Note: Over 50 localities have adopted a minimum wage above their state's minimum wage. Shaded states border

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Revenue-Proposal-Analysis-2018-04.pdf

price of certain items like rent and medical care have in- creased at a faster pace than general inflation, while others have been more subdued or actually declined (gasoline). In order to counteract the impact of inflation and maintain purchasing power, some states link the mandatory minimum wage to the annual percentage increase in the CPI- U. As demonstrated

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Pennsylvania_Aging_Presentation.pdf

7% 75 14,463 12,747 110.0% 1,715 52.0% Note: Figures in 2015 dollars and control for inflation. Per capita amounts are for all consumers with a credit report, including family members. Home mortgage includes primary mortgages, secondary term tax base erosion.  Strong growth in demand for government programs and services.  Price pressures that exceed normal inflation.  Demographic pressures.  Creates a long-term imbalance.  Sources of funding insufficient to meet needs.  Does not

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PA_Economy_League_Presentation.pdf

sales tax base (e.g., clothing, certain food, and certain health and professional services).  Distributions to districts increase with inflation. A 2015 proposal was similar. Except:  Increases personal income tax: 3.07% to 4.95%.  Distributions to districts districts declined at an annual rate of 1% or more. Growing vs. declining districts.  Faster growing districts may experience inflation- adjusted declines in per-student revenue.  Districts with greatest enrollment declines may experience largest increases in per-student revenue

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Newsstand_2019_March.pdf

a 2.8% rate for 2018 Q3, compared to 3.4% for the U.S. These growth rates ex- clude inflation. If inflation is included (nominal GDP), then the growth rates increase to 4.6% (PA) and 4.9% (U.S.). For the

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MTR-2016-10.pdf

theory is plausible over the longer term, much of the sudden fall in 2016 is likely due to very low inflation and cautious outlooks for economic growth. Partial data for 2016 Q3 and Q4 suggest a modest acceleration of average wage growth. For 2017, analysts anticipate that an uptick in inflation and a tighter labor market will translate into further acceleration of average wage growth, and possibly higher real and nominal

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Monthly_Economic_Update_March_2021.pdf

Housing Market Highlights Divergence Between Consumer Prices and Asset Prices Since 2012, the Federal Reserve has targeted a 2.0% inflation rate in order to achieve its goal of price stability. This metric, as measured by the Personal Consumption Expenditures Price 6.1% per annum based on the Federal Housing Finance Agency’s Purchase-Only Index. Policymakers focus attention on the inflation metric, but it is not the only measure of price changes in the economy. PA Adds 35,700 Jobs in

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MER-2015-03.pdf

ex‐ plained by cultural factors such as delayed marriages, but is probably more strongly related to the financial crisis. Recent inflation data confirm that the economic outlook for renters in Pennsylvania may be deteriorating. Fig‐ ure 2 displays the growth rate for the Philadelphia met‐ ro region CPI‐U and the component related to rental housing. 4 Since 2012, rental inflation has surpassed general inflation. The differential is especially nota‐ ble for the first quarter of 2015. Research from the Federal

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IFO_Hearing_Packet_Feb2018.pdf

All Non-Tax 2,859 2,594 265 Note: Millions of dollars. 13 Most General Fund Revenue Sources Grow with Inflation Note: Percentages represent average annual growth rates since FY 2005-06. All Other Tax excludes cigarette, CSFT and other tobacco Has one or more local areas in the state with a different minimum wage than the state minimum wage. All inflation adjustments in this table use IHS Markit's U.S. CPI-U year-over- year growth rate to estimate inflation

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Budget_Hearing_Testimony-Feb2014.pdf

do not expect strong growth in the final payment for personal income tax this April. April 2013 revenues were artificially inflated because taxpayers accelerated the receipt or recognition of certain income at the end of 2012 to avoid federal tax increases increase in consumer spending is not sustainable without growth in wages. For 2013, wage growth was modest due to low inflation and significant slack in the labor market, which reduces worker leverage. In order for workers to realize wage gains, the

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Budget_Hearing_Background-Feb2014.pdf

1 IFO Reports and Analyses 2 Published Revenue Estimates 3 The Pennsylvania Economy Employment 4 Employment – Job Gains / Losses 5 Inflation and Gasoline Prices 6 Consumer Debt 7 General Fund Revenues Sales and Use Tax – Nonmotor 8 Sales and Use Tax 1,205 -0.9% Sources: U.S. Bureau of Labor Statistics and IHS Economics, January 2014. 6 The Pennsylvania Economy – Inflation and Gasoline Prices • Inflation is forecasted to remain low through 2014, but will pick up slightly with economic activity in

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2013 Appropriation Hearings Background Information.pdf

Fiscal Office Overview 1 Published Revenue Estimates 2 Major Federal Tax Changes for 2013 3 The Pennsylvania Economy Employment 4 Inflation and Gasoline Prices 5 Consumer Debt and Student Loan Debt 6 General Fund Revenues Sales and Use Tax – Nonmotor 7 1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 5 The Pennsylvania Economy – Inflation and Gasoline Prices • Inflation is forecasted to remain low. Restrained economic growth will not put much upward pressure on prices

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2006_surviving_spouse_healthcare_study.pdf

the horizon are certain to demand the attention of plan spon- sors in years to come. The first is healthcare inflation, which has and likely will remain well in excess of wage inflation for the foreseeable future. The second is the pending wave of baby boomer retirements. Considering these two items in tandem

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2002_dbdc_report.pdf

cost-of-living adjustments authorized by the General Assembly on an ad hoc basis to offset the negative effects of inflation on retiree benefits. Beginning in 1968, these cost-of-living adjustments have been authorized every four or five years, with should reflect rights and options available under the DB plan. DC plan contribution amounts and distribution options should also reflect inflation protection of benefits provided under the DB plan. Design should reflect whether the availability of distributions will be different for

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Independent Fiscal Office

sales and firms will likely push most labor costs forward to final consumers, thereby putting upward pressure on prices and inflation. ... (Full Report) October 2021 Revenue Update Revenue & Economic Update November 01, 2021 The Commonwealth collected $2.81 billion in General For September, the computed YOY change in payroll jobs is -384,800, compared to -365,500 for August. ... (Full Report) Inflation Eroding Real Wages and Pension Benefits News Stand & Other October 19, 2021 The IFO published a new research brief that

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Testimony-02-2020.pdf

2015 2016 2017 2018 2019 2020 Real GDP 2.2% 1.3% 0.6% 2.6% 2.1% 1.9% Inflation -0.1% 0.6% 1.3% 1.3% 2.0% 1.8% Payroll Jobs (000s) 46.2 48.8 58 2019.1 2019.2 2019.3 2019.4 Real GDP 2.7% 2.5% 2.8% 2.1% 1.9% -- Inflation 1.7% 1.3% 1.5% 2.0% 2.3% 2.2% Payroll Jobs (000s) 64.1 60.4 50

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SR2013-07-section-4-data.xlsx

DE-NJ-MD CPI-U. Data from U.S. Bureau of Labor Statistics. 5 Nominal Gross State Product (GSP) includes inflation. Data from U.S. Bureau of Economic Analysis. Source: Pennsylvania Independent Fiscal Office. Figure 4.2 Annual Growth Rates for DE-NJ-MD CPI-U. Data from U.S. Bureau of Labor Statistics. 5 Nominal Gross State Product (GSP) includes inflation. Data from U.S. Bureau of Economic Analysis. Source: Pennsylvania Independent Fiscal Office. Creator: Matthew Knittel LastModifiedBy: MJR Created: 2013-

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Revenue_Estimate_2014-06-16_Snapshot.pdf

motor collections consistent with higher consumer confidence, an improving labor market and increased disposable income. Receipts are restrained by low inflation for taxable consumer goods. Motor vehicle receipts are projected to display continued growth. Personal Income Tax – Deposits from employer withholding are projected to increase modestly due to increased employment and low wage inflation. Quarterly and annual remittances are expected to exhibit much stronger growth in FY14-15 because these revenues were suppressed in

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REU-2020-02.pdf

 Pennsylvania taxable retail sales continue to show unusually strong growth, climbing to 6.5% in February.  U.S. inflation accelerated in the fourth quarter. Sources and notes: 1. Source: U.S. Bureau of Labor Statistics—Survey of Households. 2 Department of Revenue. 6. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The year-over-year growth rate of personal income. Source: U.S

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RB_2021_11_Wage_Growth.pdf

wage gains will likely be pushed forward to final consumers. That outcome would put continued upward pressure on prices and inflation. If ongoing supply constraints also persist, then it is likely that high rates of inflation will not prove transitory. 1 See https://www.bls.gov/ect/ and https://apps.bea.gov/itable/index.cfm. Annual

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Presentation_PICPA_9-24-2013.pdf

85 billion of securities per month. o Hold down long-term interest rates such as mortgages. o Really: induce some inflation. Fed likely to “taper” or reduce purchases during next few months. o Long term: big issue is how the Fed Non-Motor Sales Tax collections remain weak. o For first quarter of FY 2013-14, revenues up 1.5%. o Inflation is approximately 1.5%. But, Motor Vehicle Sales Tax up roughly 7.0%. o Nationally, sales up roughly 10%. o

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Presentation_Lancaster_Chamber_2017-07-14.pdf

S. Bureau of Labor Statistics, Consumer Expenditure Survey, Northeast Region, 2014-2015. 7/14/2017 21 Impact of Demographics and Inflation 7/14/2017 22 Hypothetical Program Older Resident Healthcare (1) Demographics (Service Population) 0.3% 2.5% (2) General Inflation 2.0% 2.0% (3) Healthcare Premium n.a. 1.5% Total Annual Budget Growth 2.3% 6.0% Five-

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Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdf

Revenue Outlook 2016 Keystone Rail Freight Seminar May 13, 2016 May 13, 2016 2 Economic Outlook • Stable Economic Growth • Low Inflation • Solid Labor Market • Some Wage Weakness Sources: U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics 76% CNIT+82% State GDP +125% 14 General Expenditures Older Resident Healthcare (1) Demographics 0.3% 2.5% (2) General Inflation 2.0% 2.0% (3) Healthcare Premium n.a. 1.5% TOTAL ANNUAL FACTOR 2.3% 6.0% Five‐Year

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Official-Revenue-Estimate-Methodology-2019-06.pdf

The e-cigarette revenue projection is based on e-cigarette smoking prevalence, population and other to- bacco products inflation. 2013 2014 2015 2016 2017 2018 2019 2020 Revenue $0 $0 $0 $0 $84 $119 $130 $135 Growth Raten.a. n.a 2013 increased many of the fees imposed by Title 75 and tied future increases to the rate of inflation. In general, fees are adjusted on July 1 st of any calendar year ending in an odd number. The adjustment is based

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NewsStand_2019_May.pdf

The preliminary data for calendar year 2018 show that the state economy expanded by 2.1% in real terms (excludes inflation). Quarterly annualized growth rates were as follows: 0.7% (Q1), 4.0% (Q2), 3.2% (Q3) and 2.5% (Q4). In nominal terms (includes inflation), the respective figures were 4.8% (annual) and 3.2% (Q1), 7.9% (Q2), 5.1% (Q3) and 4.2%

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MTR-2019-09.pdf

in August to 2.3%. The trend is largely due to housing (3.2%) and medi- cal care (4.1%) inflation.  Recent data show strong wage growth for the U.S. (5.4%) and Pennsylvania (5.0%) in the second Department of Revenue. 6. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The year-over-year growth rate of personal income. Source: U.S

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MTR-2016-12.pdf

first half of 2016) for Pennsylvania and contiguous states. The growth of real GDP measures total economic output (adjusted for inflation), and can be used to evaluate the rate at which a state economy expands or contracts. In Pennsylvania, real GDP three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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Monthly_Economic_Update_July_2021_Final.pdf

residences (2.3%). The CPI-U that excludes the Shelter component provides a more accurate measure of real-time consumer inflation because it reflects actual purchases during the month, and the data are not imputed. Moreover, analysts have noted the disconnect figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

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MER-2015-06.pdf

United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions per capita is a useful metric to compare the performance of states because it represents total economic output (adjusted for inflation) and controls for changes in population, which can vary widely by state. From 2007 to 2014, Pennsylvania real GDP per

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MER-2013-11.pdf

States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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Impact-Fee-Update-2017-Outlook-2017-07.pdf

that begin or resume to remit the fee will be the same as the prior year; and (3) a regional inflation adjustment to the fee schedule will be applied. 6 The difference between the scenarios is whether or not a fee a specific quantity of gas from that hub. 6. Pursuant to 58 P.a.C.S. § 2302(c), a regional inflation adjustment is applied to the fee schedule, based on the Consumer Price Index for all Urban Consumers for the Pennsylvania

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IFO_Testimony_Feb2018.pdf

negative impact on the national and state economies, especially if rates rise quickly. Finally, some analysts have raised concerns about inflation and inflated asset values, but it is too soon to know whether either could have a material impact on short-term economic

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IFO_PASBO_Presentation_Nov_2021.pdf

Business Officials November 16, 2021 Two Parts Overview of IFO Five-Year Economic and Budget Outlook ▪ Will workers return? ▪ Does inflation decelerate? ▪ Do budget surpluses last? Property Tax Update ▪ No look at COVID-19 impact on SD collections yet ▪ Some data growth Outlook - Uncertainty and Risks Unusually High Significant economic risks ▪ Workers eventually return ▪ No wage-price spiral that further broadens inflation ▪ No major stock or housing market correction Significant Policy Risks ▪ Stimulus impact lingers, but how much longer? ▪ Some remains | child

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IFO_Hearing_Packet_Feb2019.pdf

7.50 Pennsylvania 31 7.25 7.25 7.25 Other 31 7.25 7.25 7.25 Note: All inflation adjustments in this table use IHS Markit's U.S. CPI-U year-over-year growth rate to estimate inflation adjustments for future years. Source: Economic Policy Institute. 1 Has one or more local areas in the state with a

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Economic_and_Revenue_Update_2020_10.pdf

reduction in wages and salaries paid to workers, the same magnitude of average job losses and slightly stronger inflation as measured by the Philadelphia CPI-U for calendar year (CY) 2020. Overall, the economic forecast is quite similar to the June However, the forecast for CY 2021 has been revised down for all economic variables, with the exception of inflation. The latest employment data for CY 2020 reveal rapid labor market improvement in May, June and July, but much more modest gains

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Economic_and_Revenue_Update_2020.pdf

7.25 7.25 Note: Over 50 localities have adopted a minimum wage above their state's minimum wage. 1 Inflation adjustments use a 2.0% growth rate to estimate inflation adjustments for future years. Source: The Economic Policy Institute. Minimum Wage Tracker (as of January 3, 2020). 26 PA Workers

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2013-10 Monthly Economic Summary.pdf

States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Note: The GDP series was revised to include intangible assets (e.g., intellectual property). Personal Income The year-over- rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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2013-09 Monthly Economic Summary-FINAL.pdf

States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Note: The GDP series was revised to include intangible assets (e.g., intellectual property). Personal Income The year-over- rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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2013-08 Monthly Economic Summary.pdf

States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Note: The GDP series was revised to include intangible assets (e.g., intellectual property). Personal Income The year-over- rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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2013-07 Monthly Economic Summary.pdf

States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Note: The GDP series was revised to include intangible assets (e.g., intellectual property). Personal Income The year-over- rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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2013-06 Monthly Economic Summary - FINAL.pdf

States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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2013-05_Monthly_Economic_Summary.pdf

States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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2013-04 Monthly Economic Report.pdf

States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 (2013.1 value is 2.5%) Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 (2013.1 value is 2.5%) Corporate Profits The year-over-year growth rate of domestic and

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2013-03b Monthly Economic Summary.pdf

5% 6.3% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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2013-02 Monthly Economic Report.pdf

a. 6.3% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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2013-01 Monthly Economic Report.pdf

a. n.a. Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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2012-12 Monthly Economic Summary FINAL.pdf

5% 7.2% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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2012-11 Monthly Economic Summary- DRAFT 6.pdf

5% 7.1% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over-year growth rate of domestic and foreign profits of U.S. corporations

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TC_2019_Film_Production_Tax_Credit_Report.pdf

2.0% 100.0% 100.0% 100.0% Note: GDP is in nominal dollars. Does not control for inflation. AAGR is average annual growth rate. Source: U.S. Bureau of Economic Analysis. Table 5 Motion Picture-Video and Sound Recording GDP

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RTR-2014-04.pdf

profits that occurred in March this year but normally occurs in June. Personal income tax withholding remittances were also artificially inflated by roughly $100-$105 million because of a due date falling on April 30 th this year, but May 1

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Revenue_Estimate_Performance_Dec_2017.pdf

attributable to non-motor vehicle sales tax collections, and may have been impacted by (1) lack of price inflation due to internet shopping, (2) weaknesses in taxable business purchases (e.g., computers and furniture) and (3) general uncertainty regarding the outcome

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Revenue_Estimate_2015-06-15_Snapshot.pdf

payments for calendar year 2015 filers. Sales and Use Tax – The forecast projects moderate increases in consumer spending, but low inflation may restrain the overall growth rate of collections. Motor vehicle sales are projected to increase, but the rate of increase

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Revenue_Estimate_2015-06-15_Release.pdf

and $98 million higher for FY 2015-16, a two-year difference of $461 million. “FY 2014-15 revenues were inflated by various non-recurring events,” Knittel said. “Projections for FY 2015-16 anticipate continued economic growth, but the absence of

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Revenue-Estimate-2019-05-Presentation.pdf

rate reduction)  Temporary gas price dip, large volume of stock buybacks  Wayfair court decision  Low medical care inflation PA consumers do not appear to be overextended  Modest growth in 2018 total consumer debt (+0.9%)  Mortgage

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Revenue Trends Report - April 2013.pdf

tax continues to be phased out, and gross receipts tax revenues registered a decline from April 2012 levels that were inflated by atypical deposits.  Personal income tax remittances increased by $231 million (13.7%) over the prior year. The majority

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REU-2020-01.pdf

Department of Revenue. 6. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The year-over-year growth rate of personal income. Source: U.S

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REU-2019-12.pdf

Department of Revenue. 6. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The year-over-year growth rate of personal income. Source: U.S

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REU-2019-11.pdf

Department of Revenue. 6. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The year-over-year growth rate of personal income. Source: U.S

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REU-2019-10.pdf

Department of Revenue. 6. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The year-over-year growth rate of personal income. Source: U.S

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RB_2021_02 County Income Patterns.pdf

Personal Income Growth From 2016 to 2019, nearly all Pennsylvania counties (except Cameron County) recorded personal income gains that exceeded inflation (1.5% per annum), which implies real income gains. Personal income includes all wages and salaries, interest, dividends, business income

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RB-2020-03 County Income Patterns.pdf

by Figure 2, 30 counties recorded an average growth rate under 4.5 percent. The average income gains significantly exceeded inflation (1.3 percent), which implies material real income gains for most counties. The weak growth for Philadelphia County is attributable

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RB 2019 RACP.pdf

be the same as the limit enacted by Act 87 of 2005, although the real debt limit, after adjusting for inflation, would be considerably lower. To provide some context for the proposed change:  The $100 million annual reduction is less

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RB 2019 County Income Patterns.pdf

by Figure 2, 25 counties recorded an average growth rate under 1.5 percent per annum. That rate slightly exceeded inflation, which suggests that residents of certain counties did not experience real income gains at a county-wide level. Eight of

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PSBA Presentation - Final.pdf

 Increases sales tax rate: 6.0% to 7.0%. Expands tax base.  Distributions to school districts increase with inflation (~+2.0%). New revenues sufficient in first year, but increasing “wedge” over time.  Analysis assumes the property tax that

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Property-Tax-Update-August-2018.pdf

taxes as well as a weighted average Pennsylvania Consumer Price Index (CPI) and Pennsylvania nominal Gross Domestic Product (GDP, includes inflation). Since FY 2004-05, the state economy has expanded by 62 percent, followed closely by school property tax (61 percent

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Presentation_PICPA_12-3-2014.pdf

historical averages. • Reflects non-recession years only. • Really, a budget simulation exercise. Some Positives and Negatives. • Energy prices very low. Inflation and interest rates low. • Flat wage growth. Many wage earners essentially treading water. • Housing recovery less robust than assumed. 3

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Presentation_PASBO_Annual_Conference_3-8-2018.pdf

districts declined at an annual rate of 1% or more. Growing vs. declining districts.  Faster growing districts may experience inflation- adjusted declines in per-student revenue.  Districts with greatest enrollment declines may experience largest increases in per-student revenue

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Presentation_2017_02_10_EPLC.pdf

 Increases sales tax rate: 6.0% to 7.0%. Expands tax base.  Distributions to school districts increase with inflation. Recent proposal largely the same. Two major changes.  Increases personal income tax: 3.07% to 4.95%.  Distributions

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Presentation_2016-06-08_GPNP_Budget_Outlook.pdf

5.5% Expenditures 8.Jun.2016 15 General Expenditures Older Resident Healthcare (1) Demographics 0.3% 2.5% (2) General Inflation 2.0% 2.0% (3) Healthcare Premium n.a. 1.5% TOTAL ANNUAL FACTOR 2.3% 6.0% Five‐Year

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Presentation-Initial-Revenue-Estimate-2018-05.pdf

motor sales tax recovers.  Base growth rate: ~+5% last six months.  Motor vehicle purchases continue to lag. PA inflation remains subdued.  For 2018 Q1 CPI-U for U.S. is 2.3%.  For Philadelphia metro it is

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Presentation-2019-5-1-PAEL.pdf

1, 2020 begin six-year phase-in to $15.00 by 2025.  50 cent increment each year.  Annual inflation adjustments thereafter. Increase cash minimum wage for tipped workers.  From $2.83 to $12.00/hr. Same as non-

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Presentation-2019-3-1-EPLC.pdf

Moderate growth of historical cost drivers after 19-20.  Pension systems achieve annual returns of 7.25%.  Healthcare inflation does not accelerate from current rates. State economy operates at long-term potential.  Real GDP +1.9% | Wages-Salaries

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Presentation-2018-08-PA-State-Association-Boroughs.pdf

2017 2018 Avg. Number of Jobs 0.2% 0.8% 0.8% 0.9% 1.1% 1.1% 0.8% Inflation (CPI-U) 1.2% 1.3% 0.2% 0.9% 1.6% 1.8% 1.2% Wage Premium 0.4%

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Presentation-2018-06-PICPA.pdf

cut continues to flow into economy.  Corporate base expansion enhances revenues.  Tight labor market sustains wage growth.  Inflation accelerates above 2%. Helps pricing power. June.12.2018 2 Optimistic Revenue Outlook Wage income - statewide growth is strong. 

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Presentation-2018-06-PASBO.pdf

districts declined at an annual rate of 1% or more. Growing vs. declining districts.  Faster growing districts may experience inflation- adjusted declines in per-student revenue.  Districts with greatest enrollment declines may experience largest increases in per-student revenue

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PICPA_Presentation.pdf

to $3.50 per mcf. Post production costs assumed to be 87 cents per mcf in 2018 and increase with inflation. PA proposed severance tax disallows deduction for post-production costs. Source: Analysis of Revenue Proposals, IFO, April 2017. Minimum Wage

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PBB_2020_PEMA_REPORT.pdf

entities. Source: PEMA. "911 Annual Report: Calendar Year 2018." 1 Counties listed in the previous table may have inflated/deflated expenditures per call ratios due to the role of fiduciary counties. See previous table for more detail. 911 Emergency Telecommunication | Page

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PACB_Presentation_2021_8.pdf

3 million payments | 2.2 million children | $554 million ▪ September first month with only CTC payments, no federal UC Higher inflation unlikely to be transitory ▪ Delayed response in housing and rental markets ▪ Pressures remain in both markets in short-term due

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Official_Revenue_Estimate_Methodology_2021.pdf

89 of 2013 increased many of the fees imposed by Title 75 and tied future increases to the rate of inflation. In general, fees are adjusted on July 1 of any calendar year ending in an odd number. The adjustment is

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Official-Revenue-Estimate-Methodology-2020-6.pdf

2013 increased many of the fees imposed by Title 75 and tied future increases to the rate of inflation. In general, fees are adjusted on July 1 of any calendar year ending in an odd number. The adjustment is based on

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Newsstand_2019_April.pdf

business income). For 2018 Q4 only, the respective growth rates were 4.4%, 4.2% and 4.7%. Philadelphia Regional Inflation Remains Subdued On March 12, the U.S. Bureau of Labor Statistics released regional CPI-U data for February 2019

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Newsstand_2018_November.pdf

quarters of 2018. The analysis also finds that the decline was somewhat larger for women. The analysis cites high- er inflation, declining union membership, less willingness to relocate for job-related reasons and domination of the labor market by larger firms

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Newsstand_2018_December.pdf

boom since 1913. Since February 2012, U.S. home pric- es have increased by 53%. In real terms (controlling for inflation), home prices are up nearly 40%. The article notes that it is not possible to know when the boom will

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Newsstand_2018_August.pdf

recession. The first scenario hinges on the Federal Reserve’s decision to raise interest rates in an attempt to hedge inflation and how that may conflict with recent federal tax cuts. The second scenario highlights increased debt as a contrib- utor

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Municipal_Analysts_Presentation.pdf

economic growth.  More service sector jobs; labor intensive.  Jobs growth appears strong for 2017; same trends. Continued low inflation has mixed effects.  Margins get squeezed. Hard to pass on costs.  Real wage gains. Does not translate into

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MTR-2019-08.pdf

Department of Revenue. 6. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The year-over-year growth rate of personal income. Source: U.S

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MTR-2019-07.pdf

Department of Revenue. 6. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The year-over-year growth rate of personal income. Source: U.S

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MTR-2019-06.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2019-05.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2019-04.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2019-03.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2019-02.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2019-01.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-12.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-11.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-10.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-1.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-09.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-07.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-06.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-05.pdf

that reflects consumer optimism. Source: UM—Survey of Consumers. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-04.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-03.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2018-02.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-12.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-11.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-10.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-09.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-08.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-07.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-06.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-05.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-04.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-03.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-02.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2017-01.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2016-11.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2016-08.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

Hits: 1

MTR-2016-06.pdf

three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

Hits: 1

MTR-2016-05.pdf

three month of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

Hits: 1

MTR-2016-04.pdf

three month of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

Hits: 1

MTR-2016-03.pdf

three month of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2016-02.pdf

three month of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2016-01.pdf

three month of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth rate of personal income. Includes any inflationary gains. Source

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MTR-2015-11.pdf

of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the U.S. economy. Excludes inflation. For PA, values are annual growth rates for the entire year as quarterly data are not available. Source: U.S

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MTR-2015-09.pdf

of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the U.S. economy. Excludes inflation. For PA, values are annual growth rates for the entire year as quarterly data are not available. Source: U.S

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MTR-2015-08.pdf

of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the U.S. economy. Excludes inflation. For PA, values are annual growth rates for the entire year as quarterly data are not available. Source: U.S

Hits: 1

MTR-2015-07.pdf

of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the U.S. economy. Excludes inflation. For PA, values are annual growth rates for the entire year as quarterly data are not available. Source: U.S

Hits: 1

Monthly_Economic_Update_Table_December_2020.pdf

figures represent northeast region. Source: National Association of Realtors. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_September_2021_Indicators.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_September_2020.pdf

figures represent northeast region. Source: National Association of Realtors. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_October_2021_Indicators.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_October_2021.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_October_2020.pdf

figures represent northeast region. Source: National Association of Realtors. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_November_2020_Final.pdf

figures represent northeast region. Source: National Association of Realtors. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_May_2020.pdf

dollars per MMBtu. Source: Bentek Energy. 6. Source: Zillow. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_June_2021_Indicators.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_June_2021.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_June_2020.pdf

dollars per MMBtu. Source: Bentek Energy. 6. Source: Zillow. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_July_2021_Indicators.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_July_2020.pdf

figures represent northeast region. Source: National Association of Realtors. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_January_2021_Indicators.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_January_2021.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_February_2021_Indicators.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_February_2021.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_December_2020.pdf

figures represent northeast region. Source: National Association of Realtors. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_August_2021.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_August_2020.pdf

figures represent northeast region. Source: National Association of Realtors. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_April_2021_Indicators.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_April_2021.pdf

figures represent northeast region. Source: National Association of Realtors. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

Monthly_Economic_Update_April_2020.pdf

dollars per MMBtu. Source: Bentek Energy. 6. Source: Zillow. 7. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 8. Year-over-year growth rate of personal income. Source: U.S. Bureau

Hits: 1

MER-2015-01.pdf

United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions

Hits: 1

MER-2013-12.pdf

United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions

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Impact-Fee-Update-2018-Outlook-2018-06.pdf

schedule to increase. For example, a horizontal well in operating year one in 2017 paid a fee that, including an inflation adjustment, was $5,400 more than the same type of well in 2016. Net impact: +$36.7 million.  Collections

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IFO_Testimony_Min_Wage_Feb_16_2021.pdf

have adopted a minimum wage above their state's minimum wage. Projections use a 2.0% growth rate to estimate inflation adjustments for future years. Source: The Economic Policy Institute. Minimum Wage Tracker (published January 7, 2021). Independent Fiscal Office 22

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IFO_Retirement_Task_Force_Jan2018_Presentation.pdf

31% 81% 19% 83% 17% 75 97% 110% 52% 78% 22% 83% 17% Note: Figures are per capita and exclude inflation. Figures pertain to all consumers with a credit report, including family members. Home mortgage includes primary mortgages, secondary mortgages and

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IFO_Hearing_8-30-2017.pdf

time period last year. That is a solid figure compared to recent years. Wages grew by 3.6 percent, while inflation remains low, running at 1.4 percent for the first half of the calendar year. Each year, we typically receive

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IFO-Presentation-11-14-2019.pdf

personal income and sales taxes What do we assume going forward?  Is a 4.0% UE rate normal? | Will inflation/interest rates increase?  Implications for safety net programs, healthcare, pension returns November 14, 2019 21 Author: Lesley Rompalo Company

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IFO - Economic and Budget Outlook - January 2012.pdf

based on the same data source. The average cost is extrapolated over the five-year forecast window using an appropriate inflation factor. Expenditure projections are then equal to the product of forecasted service recipients and the average cost to provide services

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HTAE_2019_05_15.pdf

1, 2020 begin six-year phase-in to $15.00 by 2025.  50 cent increment each year.  Annual inflation adjustments thereafter. Increase cash minimum wage for tipped workers.  From $2.83 to $12.00/hr. Same as non-

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HAC testimony Feb 2019.pdf

jobs than any year since 2000. The data also show that average wages grew by 3.0% compared to consumer inflation of 1.5%. The only downside to the state labor market is that nearly one-third of the net new

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Five-Year-Outlook-Nov-2013-Press-Release.pdf

end of the current fiscal year, those funds will be nearly exhausted.  Mandated employer contributions for pensions and healthcare inflation continue to drive much of the expenditure growth in the five year projections.  The Pennsylvania economy will expand, but

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EPLC Feb 2020 FINAL.pdf

estimate for FY 2019-20  Most gains are in inheritance tax and escheats  Labor market stronger than expected | inflation weaker  Recent windfalls in sales and corporate net income taxes Expenditures concentrated in three agencies  Education (41%) | Human

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Economic_and_Revenue_Update_2021.pdf

have adopted a minimum wage above their state's minimum wage. Projections use a 2.0% growth rate to estimate inflation adjustments for future years. Source: The Economic Policy Institute. Minimum Wage Tracker (published January 7, 2021). Independent Fiscal Office 22

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CNIT-Rate-Cut-2018-04.pdf

fundamental changes made to the corporate tax system during the time period. 11 The GDP computation uses nominal GDP (includes inflation) and excludes the government sector. Both growth rate computations use a two‐year average for FYs 2005‐06 / 2006‐07

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Announcement_2021.pdf

invitation to the briefing, which will be held virtually. Why have workers departed the state labor force? How long will inflation remain elevated? Does any pent-up demand remain from unspent federal stimulus? The IFO will present its annual report on

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2012-10 Monthly Economic Summary FINAL.pdf

5% 7.1% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econ- omy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents

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2012-09 Monthly Economic Summary 7.pdf

2.5% 7.1% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions

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2012-08 Monthly Economic Summary_Final.pdf

2.5% 7.2% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions

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2012-07 Monthly Economic Summary10.pdf

7% -3.7% 7.1% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the US economy. Excludes infla- tion. Data are from the US Bureau of Economic Analysis. Personal Income The year-over-year growth rate of US

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2007_divestment_complete_report.pdf

while minimizing risk. 38 Assume an investor plans to divide his money among n stocks selected from the entire market port- folio. The portfolio variance is given by: As the number of securities in the portfolio increases, the contribution to total

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2001_hr266.pdf

employees in terms of providing a secure, well-defined benefit, 20010H0266R2371 - 2 - 1 a benefit payable for life, protection from inflation through 2 the ability to pay subsequent cost-of-living adjustments 3 (COLAs), the existence of death and disability benefits

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Releases

sales and firms will likely push most labor costs forward to final consumers, thereby putting upward pressure on prices and inflation. Tags: growth , wage Full Report Older Newer Release Type • Revenue Estimates • Revenue & Economic Update • Performance Budgeting • Natural Gas • Pension Analysis • Property Tax • Wage

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