Posts by sean brandon

Length of Unemployment at All Time High

Posted by Sean Brandon on December 14, 2011 10:52 am
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While the U.S. unemployment rate fell to a 32-month low of 8.6% in November, the average duration of joblessness hit an all-time high — 40.9 weeks. This number has more than doubled since the start of the Great Recession in December 2007. Nevertheless, it should come as no surprise amid lingering unemployment. There are four job seekers for every job opening these days.

Using Temporary Workers to Forecast the PA Economy

Posted by Sean Brandon on November 29, 2011 9:10 am
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The employment services industry provides a variety of human resources services, including most notably supplying temporary workers to other businesses. Because of the unique characteristics of this industry, economists often use its job market trends as an economic forecasting tool. The reason is simple: When the economy starts to slide, the first workers to go are usually the temporary employees, but when the economy begins to pick up, businesses will hire temporary workers first.

High Unemployment Leads to More Student Loan Defaults

Posted by Sean Brandon on September 29, 2011 1:32 pm
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The U.S. Department of Education recently released 2009 fiscal year data on the number of students defaulting on college loans. In a press release, the Department noted that the national default rate rose from 7% in 2008 to 8.8% in 2009, affecting loans for all types of colleges and universities. The default rate rose from 6% to 7.2% on loans for students at public institutions, 4% to 4.6% at private institutions, and 11.6% to 15% at for-profit institutions.

Among the states, Pennsylvania has the third highest number of higher learning institutions (behind California and New York) and a student default rate of only 6.6%, which is considerably better than the national rate. However, Pennsylvania is no exception when you compare the relationship between the unemployment rate and the borrower default rate. 

National Weakness in Economy Spreads to PA in August

Posted by Sean Brandon on September 21, 2011 2:39 pm
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Pennsylvania’s unemployment rate rose to 8.2% in August but remains below the 9.1% national rate. Pennsylvania has been below the U.S. unemployment rate for 40 consecutive months, and at or below the U.S. rate for 58 consecutive months. This trend is in jeopardy, however, as Pennsylvania’s unemployment rate has risen eight-tenths of one percentage point since May.

About Those PA Job Numbers

Posted by Sean Brandon on August 26, 2011 11:50 am
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Last week (while Third and State was on holiday), Pennsylvania’s July jobs report came out. The unemployment rate for July jumped from 7.6% to 7.8%, with 493,681 Pennsylvanians out of work.

Before June, the unemployment rate in Pennsylvania had been decreasing or holding steady for 16 straight months. The chart below showing the unemployment rate since 2007 reflects the slow recovery Pennsylvania has been experiencing.