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MONTHLY WORKFORCE MONITOR:
AVAILABLE WORKERS PER OPEN JOB FALLS TO LOWEST LEVEL ON RECORD
JAN 08, 2020 -
The U.S. labor market continued to tighten in October as the Worker Availability Ratio fell to the lowest level recorded in the nearly 20-year history of the data series: 0.88, less than one available worker per job opening. The October ratio of 0.88 workers per job opening is down from the September ratio of 0.95 workers per available job. The monthly ratio has fallen from the record high of 7.99 in December 2010 and has averaged 2.84 over the history of the series since January 2001.
The Worker Availability Ratio compares Available Workers (persons who want a job and are available to work now) as reported from the Bureau of Labor Statistics (BLS) monthly Employment Situation Report household survey of individuals to employers' Job Openings as reported from the
BLS Job Openings and Labor Turnover Survey (JOLTS).
The nationwide estimate of job openings in October was 7.63 million compared to 6.74 million available workers. Job openings rose by over 500,000 in October compared to September, while the number of available workers was essentially unchanged. The October Worker Availability Ratio of 0.88 is the result of dividing 6.74 million total available workers by 7.63 million job openings in October.
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2020 LEGISLATIVE PRIORITIES
On behalf of a broad-based membership that is nearly 10,000 strong, the PA Chamber has crafted a 2020 legislative agenda that aims to generate cost savings for employers; encourages their growth and hiring potential; and offers them the fairness and predictability they deserve when doing business in Pennsylvania.
We have been proud to carry out the mission of building a stronger economic foundation for more than 100 years by working with our members, local chamber partners and pro-business lawmakers across the state on public policies that will boost the Commonwealth's competitiveness and improve the quality of life for all Pennsylvanians. To view the complete article, please visit:
2020 Legislative Priorities
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FEDERAL RESERVE BANK OF PHILADELPHIA
ECONOMIC NEWS
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ANALYSIS
: DECEMBER UNEMPLOYMENT RATE NOWCASTS
January 10, 2020 - Unemployment rates for December are expected to remain unchanged in Pennsylvania and increase in New Jersey and Delaware, according to the Federal Reserve Bank of Philadelphia's nowcasts. To view the full report, please visit:
December 2019 Unemployment Rate
TRI-STATE TRACKING UPDATED
January 10, 2020 - The Philadelphia Fed has updated its monthly Tri-State Tracking series that provides statewide summaries of economic conditions using monthly and quarterly data of employment, housing, and personal income. The latest update includes monthly data for employment and building permits through November 2019, mortgage delinquencies through October 2019, and quarterly data for house prices and personal income through the third quarter of 2019. To read the full reports, please visit:
November Tri-State Tracking: Delaware -
November Tri-State Tracking: New Jersey -
November Tri-State Tracking: Pennsylvania
For more information from the Federal Reserve Bank of Philadelphia, please visit:
Philadephia Fed
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PENNSYLVANIA MANUFACTURERS' ASSOCIATION (PMA)
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HOLDING CHINA ACCOUNTABLE IS TOP PRIORITY IN EVOLVING TRADE AGREEMENT
One of the key provisions in the recently announced "phase one" trade deal with China is the ability for the U.S. to retaliate unilaterally if the dictatorship in Beijing violates any part of it, White House Director of Trade and Manufacturing Policy Peter Navarro told Fox News this past Sunday.
Those are fighting words from Navarro, and for good reason. For years, Beijing has been waging economic war against the United States with the theft of trade secrets and technology, and engagement in other acts of espionage that have drained the U.S. of billions of dollars and tens of thousands of jobs. Much of it has gone unnoticed in the United States because as U.S. Attorney David Freed, who warned businesses of the threat at a recent PMA Monthly Business Briefing, stated it's been done "under the veneer of legitimacy."
"We want to do business all over the world, but with China always with a healthy dose of skepticism and suspicion," Freed said in a follow-up phone conversation, commenting on how the Trump Administration has made stripping back the veneer and confronting the crisis a priority.
For more information from Pennsylvania Manufacturer's Association, please visit:
PMA
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TRANSPORTATION MANAGEMENT
ASSOCIATION OF CHESTER COUNTY (TMACC)
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NEW YEAR, NEW WEBSITE - COME CHECK US OUT!
Our goal in redesigning the site was to create a user-friendly experience that is easy to navigate. The home page will feature important news and upcoming events, links to information about long-term projects, and quick access to our foundation, FIT, and to ChescoBus. Click on the Commuting tab to plan a trip or get information on ride sharing, and don't forget to check out the News & Events page.
For more information from Transportation Management Association of Chester County, please visit:
TMACC
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THE CHAMBER OF COMMERCE FOR GREATER PHILADELPHIA
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GROW PA: POLICY COMMITTEE FOR INNOVATION
This past fall, many Grow PA advocates who joined us at Penn State Harrisburg heard directly from Brookings' Mark Muro and Robert Maxim who shared findings from their report, Ideas for Pennsylvania's Innovation Policy. By the end of their presentation, it was clear: when it comes to innovation, Pennsylvania is falling further behind competitor states like Ohio, North Carolina, and Tennessee.
Next steps from October's event include raising awareness with our public officials in Harrisburg about the need for the state to develop a modern innovation agenda. In November and December, we met with legislators and staff to secure a Policy Committee hearing for the first quarter 2020 (date to be finalized shortly).
The Policy Committee hearing will be with both the House and Senate Democratic and Republican caucuses. Brookings will testify,
but we want to hear from you. For more information, please visit:
Grow PA: Policy Committee
For more information from Grow PA - Chamber of Commerce for Greater Philadelphia, please visit:
Grow PA
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CHESTER COUNTY ECONOMIC DEVELOPMENT COUNCIL
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S.A.V.E. - SAFETY, AGRICULTURE, VILLAGES & ENVIRONMENT
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S.A.V.E. END OF YEAR UPDATES
PennDOT has updated their
website so that the public can learn more about specific projects for intersection improvements along Route 41.
J.P. Morgan Chase recently submitted an updated proposal for the
White Clay Point development along Route 41 near Route 7 in New Garden Township. This proposed project will have a significant impact on this portion of the Route 41 corridor and there could be missed opportunities for traffic improvements at key intersections without public participation. Your attention could be helpful to this process.
Roundabouts are being planned for numerous intersections in southern Chester County and S.A.V.E. believes the time is right to bring the leading expert to our area. Mark Johnson of
MTJ Roundabout Engineering is an engaging public speaker and has provided roundabout design, design review, and analysis services for over 400 projects in 26 states and two Canadian provinces. Mark co-authored the 2010 Federal Highway Administration Roundabout Design Guide. Please plan to join us on Wednesday, April 29, 2020 for this upcoming guest speaker event - details to follow.
Supporters of the Chester Water Authority and the Octoraro Reservoir are encouraged to follow the upcoming Evidentiary Hearing scheduled for January 16th in the Delaware County Court of Common Pleas for the Chester Water Authority's Trust Petition to place their assets in trust for protection from unsolicited takeovers.
See the
Chester Water Authority
website for detailed information.
For more information from S.A.V.E., please visit their website:
S.A.V.E. PA
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WORLD TRADE CENTER OF GREATER PHILADELPHIA
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The World Trade Center of Greater Philadelphia (WTCGP) will partner with Temple University's Fox School of Business and the school's Center for International Business Education and Research (CIBER) to present its 17th Annual Global Business Conference on Thursday, March 19, 2020. The conference will be held at Alter Hall located at 1801 Liacouras Walk, Philadelphia, PA.
For the past 17 years, the WTCGP has produced the Global Business Conference to provide an outlook on global market trends, updates on national trade policies and practical tools to help international businesses increase their global sales. Attendees from the international business community and organizations gather to hear from senior trade officials and corporate leaders who provide up-to-the-minute information and insights. For more information, please visit:
WTCGP Partners with Temple's Fox School of Business
For more information from the World Trade Center of Greater Philadelphia, please visit:
WTCGP
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PENNSYLVANIA CAREERLINK - CHESTER COUNTY
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The Reporter
is a pro-business e-publication developed by the Community and Government Relations Committee (CGRC) of the Southern Chester County Chamber of Commerce (SCCCC)
The CGRC collaborates with business leaders, industry professionals and government officials on relevant topics that are mportant to our members' bottom line, serve to keep members informed on emerging issues at the local, state and federal levels, and benefit the broader business community. All information contained in this e-publication is being provided to Chamber membership and the business community for information purposes only and the CGRC and/or the SCCCC does not necessarily endorse or recommend any of the opinions or positions expressed therein.
Although every reasonable effort is made to present current and accurate information, the CGRC and the SCCCC makes no guarantees of any kind with respect to the information provided. We look forward to providing newsworthy and timely pro-business facts, figures and information to our readers. Questions can be directed to the Chamber at 610-444-0774 or CGRC Chairman, Tony Scheivert.
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