ERIE — According to the Economic Research Institute of Erie (ERIE), the Erie Leading Index (ELI) has again hit a new high, surpassing the previous record high of 103.6 and reaching a December 2014 value of 104.3.
Economists say this quarter again proved to be a positive one for ELI, which has continued the upward trend that started in 2010.
According to ERIE, ELI continues to skyrocket itself to higher and higher values, with no apparent end in sight. From December 2013 to December 2014, ELI increased 2.0 percent, with 63 percent of that increase being in the last six months alone — a signal of continuous job growth in the local economy.
Erie total nonfarm employment in the third quarter of 2014 remained flat throughout the period. With the advent of spring, however, total nonfarm employment is beginning to stir by experiencing growth of 0.8 percent over the last quarter. This growth amounts to about 1,000 jobs being added in the local area.
Economists say the employment situation in Erie is much better than it was around this time last year. As of December 2014, the seasonally adjusted unemployment rate in Erie was 4.8 percent (compared to 6.9 percent a year ago). This was well below the U.S. seasonally adjusted unemployment rate of 5.6 percent in December 2014. Although the PA Department of Labor and Industry recently reported that the seasonally adjusted unemployment rate in Erie edged up to 5.4 percent in January 2015, it also reported that nonfarm jobs rose by 1,900 on a seasonally adjusted basis between January 2014 and January 2015.
According to ERIE, “it thus appears that there is reason to be cautiously optimistic about Erie employment growth in the near future. So while the weather outside may still be gloomy, ELI has certainly given us something to smile about this spring.”
For more information, visit http://eriedata.bd.psu.edu/ or download the report at http://www.mbabizmag.com/wp-content/uploads/2015/03/ELI-2015.pdf.
