What’s Next for the Economy in Pennsylvania?

Like the broader U.S. economy, economic activity in Pennsylvania was hammered during the recession. Employment in Pennsylvania fell by nearly 275,000 workers between early 2008 and early 2009. This 4.7 percent decline in payrolls was the biggest percentage drop since the deep recession of 1981–82. Indeed, the 9.0 percent unemployment rate that currently exists in Pennsylvania is the highest rate … Like the broader U.S. economy, economic activity in Pennsylvania was hammered during the recession. Employment in Pennsylvania fell by nearly 275,000 workers between early 2008 and early 2009. This 4.7 percent decline in payrolls was the biggest percentage drop since the deep recession of 1981–82. Indeed, the 9.0 percent unemployment rate that currently exists in Pennsylvania is the highest rate the state has endured since early 1984. Housing permits, which had been sliding since 2006, fell 50 percent further between late 2007 and mid-2009, and the value of the state’s exports tumbled nearly 20 percent in 2009 relative to the preceding year. Incredibly, it could have been worse. As painful as the recession was to most Pennsylvanians, the downturn in the Keystone State was not as bad as that suffered in the overall national economy. U.S. payrolls fell 6 percent between December 2007 and December 2009, with California and Florida, the epicenters of the housing bust, suffering even more horrendous declines. Thank you for your interest in Wells Fargo’s Economic Commentary by email. You are receiving this message because you have requested Economic Commentary information and updates sent via email. If you no longer wish to receive these emails, please click on the following link to access the Economic Commentary by email registration page: http://www.wellsfargo.com/economicsemail.

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