Although payroll employment came in much lower than expected and lower than the strong finish to last year, today’s jobs report is a sign that the economy continues to recover.
We’ve seen solid growth in employment over the past couple of years, and the unemployment rate has come down dramatically, but by any reasonable definition we are still not that close to genuine full employment. So, what is full employment?
This Friday is the anniversary of the Lilly Ledbetter Fair Pay Act of 2009, a reminder that a significant pay gap still exists between men and women in the United States.
The economic impact of so-called “right-to-work” (RTW) laws has become a hotly contested issue in recent years. These laws restrict the ability of unions to collect dues from workers whose interests they represent.
The Job Openings and Labor Turnover Survey data released this morning provide further evidence that the economy is chugging along, but has a ways to go before the labor market is fully recovered. While my favorite indicators to watch on jobs day are nominal wage growth and the prime-age employment-to-population ratio, my favorite indicator on JOLTS day is the quits rate. There are three key lines in the graph below: the hires rate, the quits rate, and the layoffs rate.
Real solutions should expand policies that have already been proven to work: strengthening the social safety net, making poverty programs better coordinated and more accessible to low income families, and improving job opportunities and wages across the board.Given his past comments, it seems hugely unlikely that Speaker Paul Ryan’s poverty forum
will emphasize these priorities.
The top line numbers from this morning’s jobs report suggest that the economy is moving in the right direction, but we need to see a whole lot more movement before we reach full employment.
With today’s jobs report closing out 2015 we can now look at last year in the context of the recovery as a whole.
With the last jobs report for 2015 coming out tomorrow, let’s step back and put it in the context of the entire year—and of the recovery as a whole.
The Job Openings and Labor Turnover Survey
(JOLTS) report released today by the Bureau of Labor Statistics shows signs of a continued slow recovery. Job openings fell slightly to 5.4 million, and the quits rate remained, stubbornly, at 1.9 percent, where it has been for most of the last year. Along with last Friday’s jobs report
, today’s report provides more evidence of a recovering but still weak economy.
This piece originally appeared in the Wall Street Journal’s Think Tank blog.
Our friend and former colleague Jared Bernstein has mounted a small but strategic retreat in the campaign to have the Fed continue focusing on full employment.
This morning’s jobs report from the Bureau of Labor Statistics showed that the economy added 211,000 jobs in November—a decent amount, but lower than October’s more solid report, which was revised substantially upward.
On Friday, the Bureau of Labor Statistics will release the November numbers on the state of the labor market. On December 15, the Federal Open Market Committee will meet to determine whether they should raise interest rates, and most prognosticators think that this time they will actually go through with it.
We could raise women’s wages by 70 percent—from $15.21 to $26.04 per hour—by closing the gender wage gap and eliminating the inequality that has kept all workers’ pay from rising with productivity.
Closing the gender wage gap is absolutely essential to helping women achieve economic security. But to bring genuine economic success to American women and their families, we must do more. The gender wage gap is only one way the economy shortchanges women.
Closing the gender wage gap is absolutely essential to helping women achieve economic security. But to bring genuine economic security to American women and their families, we must also reverse the decades-long trend of stagnant wages for the vast majority of workers.
Despite the crucial nature of their work, child care workers do not seem to be valued in today’s economy: they are among the country’s lowest-paid workers and many cannot afford child care for their own children.
While the topline employment number for October is quite encouraging, other indicators continue to paint a picture of a plateaued economy, particularly the fact that there has been no growth in prime-age employment-to-population ratio (EPOP) this year.
November 6, 2015 | By Elise Gould
| Economic Indicators
This morning’s BLS employment situation report shows the economy added 271,000 jobs in October and the unemployment rate fell slightly to 5.0 percent.
On Friday, the Bureau of Labor Statistics will release the October numbers on the state of the labor market. As usual, I will be looking closely at nominal wage growth.
Despite the crucial nature of their work, child care workers’ job quality does not seem to be valued in today’s economy. They are among the country’s lowest-paid workers, and seldom receive job-based benefits such as health insurance and pensions.
Today’s Job Openings and Labor Turnover Survey (JOLTS) report shows there has been little change in the labor market for America’s workers.
When you compare the cost of child care to minimum wages across the nation, it becomes apparent just how difficult it is for families living off of a minimum-wage income to afford child care.
Child care costs constitute a large portion of the income families need in order to achieve a modest yet adequate standard of living—and are particularly onerous for workers paid the minimum wage. Measuring child care costs against a variety of benchmarks demonstrates that high quality child care is out of reach for working families.
This piece originally appeared in the Wall Street Journal’s Think Tank.
The Affordable Care Act took enormous strides toward providing access to health-care coverage to the tens of millions of uninsured Americans and reining in the skyrocketing costs of health care that heavily pressured households and public budgets, addressing what we consider the most glaring shortcomings of the U.S.
Today’s Bureau of Labor Statistics employment situation report showed the economy added a disappointing 142,000 jobs in September, bringing average monthly job creation to 198,000 in 2015—a rate slower than 2014.
On Friday, the Bureau of Labor Statistics will release the September numbers on the state of the labor market. I will be watching for upward revisions to August’s employment numbers, which came in lower than expected.
Key numbers from today’s new Census reports, Income and Poverty in the United States: 2014 and Health Insurance in the United States: 2014.
On Wednesday, the Census Bureau will release the latest data on income, poverty, and health insurance coverage. As EPI’s research team eagerly awaits this release, there are a few things we will be watching for.
Next week, the Census Bureau will release its estimates of the number of Americans who lived in poverty in 2014. The official poverty measure is an important metric—particularly since it’s been in place for nearly 50 years, and its measurement methodology hasn’t had major revisions over that time.