IFO Releases
2021 Demographic Outlook
November 15, 2021 | Economics and Other
Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation for the IFO’s release of the Economic and Budget Outlook for Fiscal Year 2021-22 to 2026-27.
Tags: demographic, demographics, outlook
PA and U.S. Record Historic Wage Growth
November 03, 2021 | Economics and Other
Using the latest data, the Independent Fiscal Office published a research brief that finds historic wage gains for the U.S. and Pennsylvania. The brief notes that employee compensation comprises 56% of final sales and firms will likely push most labor costs forward to final consumers, thereby putting upward pressure on prices and inflation.
Labor Market Update - October 2021
October 26, 2021 | Economics and Other
The IFO released its monthly update that tracks the state labor market. The jobs shortfall expanded in September on a year-over-year (YOY) basis relative to a no-pandemic scenario. For September, the computed YOY change in payroll jobs is -384,800, compared to -365,500 for August.
Inflation Eroding Real Wages and Pension Benefits
October 19, 2021 | Economics and Other
The IFO published a new research brief that examines the impact of inflation on the real earnings of Pennsylvania workers and the real value of public pension benefits.
Demographic and Labor Market Update
October 06, 2021 | Economics and Other
Director Matthew Knittel provided a demographics and labor market update to the Lancaster Chamber of Commerce.
Tags: demographic, labor, market, presentation
COVID-19 Impact on Pennsylvania Deaths
September 30, 2021 | Economics and Other
This research brief uses preliminary data for 2020 and 2021 (through September) to compute excess deaths above pre-COVID historical trends in the Commonwealth for those two years. The analysis finds 20,700 excess deaths in 2020 and projects 6,700 excess deaths for 2021.
Labor Market Update - September 2021
September 20, 2021 | Economics and Other
The IFO released its monthly update that tracks the state labor market. The labor market contracted slightly in August on a year-over-year basis relative to a no-pandemic scenario. These data reflect the final month of federal unemployment compensation benefits.
Property Tax Update
August 30, 2021 | Economics and Other
Director Matthew Knittel made a brief presentation on property taxes to the House Majority Policy Committee.
Tags: presentation, property, tax
August Economic and Revenue Update
August 25, 2021 | Economics and Other
Director Matthew Knittel presented an economic and revenue update to the PA Association of Community Bankers.
Tags: economic, presentation, revenue
Labor Market Update- August 2021
August 24, 2021 | Economics and Other
The IFO released its monthly update that tracks the state labor market. The labor market continued to improve in July as pandemic-related job losses declined from the prior month.