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Market Report

Pittsburgh Market Report

4Q 2020

Employment Contraction Largely Mirrors Nation’s; Energy Market Volatility May Cause Future Hurdles

Late spring hiring burst partially offsets initial job losses. Precautions taken to prevent the spread of COVID-19 lowered total employment in Pittsburgh by 19 percent between February and April, similar to the nation’s 15 percent decline. Hiring quickly returned, however, with metro employers restoring 95,700 of the 225,600 initially lost positions in May and June, surpassing the U.S. growth rate in that span. A summer surge in infections curbed job gains in July, August and September, however, to a more modest 32,700 additional roles. Staff sizes across all major sectors remain below their pre-pandemic level, with the leisure and hospitality sector down the most at a 33 percent personnel reduction through September. Rising infections in October may lead to new dining, travel, and social gathering restrictions this winter, which could weigh on the sector in the near term.
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