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.
The IFO released its monthly update that tracks the state labor market. The jobs shortfall expanded in September on a year-over-year (YOY) basis relative to a no-pandemic scenario. For September, the computed YOY change in payroll jobs is -384,800, compared to -365,500 for August.
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.
Director Matthew Knittel provided a demographics and labor market update to the Lancaster Chamber of Commerce.
Tags: demographic, labor, market, presentation
This research brief uses preliminary data for 2020 and 2021 (through September) to compute excess deaths above pre-COVID historical trends in the Commonwealth for those two years. The analysis finds 20,700 excess deaths in 2020 and projects 6,700 excess deaths for 2021.
The IFO released its monthly update that tracks the state labor market. The labor market contracted slightly in August on a year-over-year basis relative to a no-pandemic scenario. These data reflect the final month of federal unemployment compensation benefits.
Director Matthew Knittel made a brief presentation on property taxes to the House Majority Policy Committee.
Tags: presentation, property, tax
Director Matthew Knittel presented an economic and revenue update to the PA Association of Community Bankers.
Tags: economic, presentation, revenue
The IFO released its monthly update that tracks the state labor market. The labor market continued to improve in July as pandemic-related job losses declined from the prior month.
Director Matthew Knittel provided testimony regarding the state pension systems to the House State Government Committee, Subcommittee on Public Pensions, Benefits and Risk Management.
Tags: pension, presentation