Pennsylvania Unemployment Rate
The unemployment rate is an important measurement for the Bureau of Labor Statistics to count the amount of people who remain unemployed compared to the entire work force. Some economists think that the jobless rate does not accurately represent the labor force or the state’s economy as a whole. Yet, the government uses the jobless rate as a way to indicate certain trends within the economy as well as a way to manage specific sectors, such as state unemployment insurance programs. In calculating this rate, each resident is categorized as employed, unemployed or not in the labor force. The unemployment rate does not factor in individuals who have left the work force entirely whether through retirement or personal choice. Those considered unemployed are at least 16 years of age and who are currently seeking employment. It specifically counts those workers who continuously look for employment, however remain unemployed.
What is the unemployment rate in Pennsylvania?
The answer to, “What is the unemployment rate in Pennsylvania?” can be worrisome for unemployed workers in Pennsylvania looking for new opportunities. As of May 2017, the unemployment rate in Pennsylvania was at 5 percent, which is much higher than the national average of 4.3 percent. This jobless rate is due to the recent increase of unemployed individuals within the state by over 10,000. The unemployment rate in Pennsylvania crept under the 5 percent mark, as it hit 4.8 percent in March 2017, yet that did not remain in trend. With such a high unemployment rate in Pennsylvania, this is a direct indication of the amount of unemployed individuals who still seek work within the labor force.
For those individuals who are struggling, an option worth researching are unemployment insurance benefits provided by the state of Pennsylvania. Unemployment benefits comes in the form of temporary wage assistance, which are allotted for a period of time to qualified individuals who meet the eligibility requirements put forth by the state of Pennsylvania.