Pittsburgh is experiencing modest employment gains and a rising unemployment rate, says Cleveland Fed economist
Pittsburgh-area employment rose modestly between March 2015 and March 2016, with most major industry categories in Pittsburgh experiencing weaker employment gains during this period than those same industries nationally. “The area’s unemployment rate has also risen sharply over the course of 2016, possibly in part because of reduced activity in the energy sector,” says Guhan Venkatu, vice president and senior regional officer at the Pittsburgh Branch of the Federal Reserve Bank of Cleveland.
In the latest Pittsburgh Metro Mix, Venkatu also notes that:
- home prices in the Pittsburgh area have continued to see fairly strong gains
- the issuance of residential building permits remains relatively low
- per capita consumer debt levels, though they remain low, have risen more sharply in the Pittsburgh area than they have in the state or nation
If you’re interested in the region served by the Cleveland Fed—Ohio, eastern Kentucky, western Pennsylvania, and the northern panhandle of West Virginia—then you might also want to check out these recent Forefront articles:
Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.
The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
Doug Campbell, firstname.lastname@example.org, 513.455.4479