http://epi.bluestatedigital.com/index.php en aorr@epi.org Copyright 2009 2009-07-02T13:01:47-05:00 http://www.epi.org/quick_takes/entry/nine_years_of_job_growth_wiped_out/ http://www.epi.org/quick_takes/entry/nine_years_of_job_growth_wiped_out/#When:13:01:47Z The July 2 employment report from the Bureau of Labor Statistics marked 18 months of job loss and showed that the economy shed another 467,000 jobs in June, for a total of 6.5 million jobs lost since the start of the recession. The entire growth in jobs over the last nine years has now been wiped out – the economy currently has fewer jobs than it had in May 2000. The labor force, however, has grown by 12.5 million workers since then. “This is the only recession since the Great Depression to wipe out all jobs growth from the previous business cycle, a devastating benchmark for the workers of this country and a testament to both the enormity of the current crisis and to the extreme weakness of jobs growth from 2000-2007,” said EPI economist Heidi Shierholz. 2009-07-02T13:01:47-05:00 http://www.epi.org/quick_takes/entry/obamas_inheritance_less_than_expected/ http://www.epi.org/quick_takes/entry/obamas_inheritance_less_than_expected/#When:18:05:37Z As recently as last November, the consensus of economists was that U.S. unemployment would reach 7.7% by the end of 2009. Today’s unemployment rate of 9.4% underscores how the Bush economy was much weaker and deteriorating much more rapidly than most people realized at the time of the U.S. elections. This is also worth noting when judging the success of the stimulus. When the Obama Administration started planning its budget and designing the stimulus, it didn’t fully see the crash course the country was on. Even as recently as March of 2009, economic forecasters were saying unemployment would hit 9.2% at the end of 2009, which was still too optimistic. Analysts and policymakers should remain cognizant of the fact that Obama inherited an economy and a federal deficit that were far worse than anyone expected. –Larry Mishel 2009-06-26T18:05:37-05:00 http://www.epi.org/quick_takes/entry/widespread_anti-union_tactics_gain_attention_in_media/ http://www.epi.org/quick_takes/entry/widespread_anti-union_tactics_gain_attention_in_media/#When:20:26:56Z As Congress prepares to debate the Employee Free Choice Act, an EPI paper documenting the punitive tactics commonly used by companies to prevent workers from forming unions is gaining attention. Cornell University scholar Kate Bronfenbrenner, who in May published No Holds Barred: The Intensification of Employer Opposition to Organizing, on June 3 published an op-ed in The Washington Post describing "a steady decline of workers' rights in the past several decades" and urging Congress to pass "serious labor law reform." 2009-06-08T20:26:56-05:00 http://www.epi.org/quick_takes/entry/job_loss_slows_but_unemployment_hits_9.4/ http://www.epi.org/quick_takes/entry/job_loss_slows_but_unemployment_hits_9.4/#When:17:08:56Z The unemployment rate increased from 8.9% to 9.4% in May as over half a million workers were added to the jobless rolls. May marked the 17th straight month of job loss; the current recession is now officially the longest economic downturn since the Great Depression. However, the good sign in this report is that the pace of job loss is slowing, as the U.S. labor market shed 345,000 jobs in May compared to an average of 643,000 per month over the prior six months. “The loss of 345,000 jobs in May – 0.3% of employment – makes this jobs report the second worst in a quarter century not including the current recession, but in today’s economy a loss of only 345,000 jobs is welcome news,” said EPI economist Heidi Shierholz Wages and Living Standards, Jobs, Income and Wages 2009-06-05T17:08:56-05:00 http://www.epi.org/quick_takes/entry/pay_disparity_in_stark_relief_at_new_york_times_co./ http://www.epi.org/quick_takes/entry/pay_disparity_in_stark_relief_at_new_york_times_co./#When:15:20:02Z Ongoing talks to save The Boston Globe have highlighted the extreme pay disparity between top management at The New York Times Co., which owns the Globe, and its rank and file workers. As the Times continues to win pay concessions that might save the money-losing Globe, it recently disclosed that its CEO Janet Robinson had a total compensation package of $5.58 million in 2008, the same year the Times Co. lost almost $58 million. Her compensation equated to a raise of about $1 million from the year before, prompting outrage from many critics and staffers, who have agreed to reduced pay and retirement benefits. 2009-05-27T15:20:02-05:00 http://www.epi.org/quick_takes/entry/no_sweetheart_deal_for_uaw/ http://www.epi.org/quick_takes/entry/no_sweetheart_deal_for_uaw/#When:17:48:56Z The Treasury Department's deal earlier this month with Chrysler, calling for Fiat to take a 20% stake in the carmaker and for the United Auto Workers (UAW) to receive 55%, has been called everything from a sweetheart deal to a major concession for the union. The truth is, the deal represents the last best hope for Chrysler and its employees. There's no guarantee of success, and the union will be in a constant struggle to keep the company's jobs in the U.S. But the alternative was liquidation in bankruptcy, a guarantee of joblessness for all of the production workers, loss of retiree health benefits, reduced pensions, and a severe blow to the auto parts suppliers that sell to Chrysler. There has been criticism that the deal gives greater protection to the interests of the union's retired members than to the interests of secured creditors, but this deal is both morally and economically sound. Chrysler's survival ultimately depends on the efforts of the workers, who have agreed to multiple concessions in pay and benefits. Unlike the bondholders, who have no long-term interest in Chrysler, the workers' economic future depends on the company's success. -Ross Eisenbrey 2009-05-12T17:48:56-05:00 http://www.epi.org/quick_takes/entry/jobs_report_holds_no_hopeful_signs/ http://www.epi.org/quick_takes/entry/jobs_report_holds_no_hopeful_signs/#When:13:33:51Z April marked the 16th month of the current recession, matching the length of the longest recession since the Great Depression. “This report does not provide the hopeful signs many are looking for given that the unemployment rate is now higher than what has been expected and private sector jobs continue to crater,” said Lawrence Mishel, president of the Economic Policy Institute. The April 2009 employment picture, released this morning by the Bureau of Labor Statistics, showed that while the pace of job loss is exhibiting signs of slowing – losing 539,000 in April compared to an average of 707,000 per month in the first quarter -- today’s labor market is still losing jobs at a breathtaking pace. Furthermore, most of what gains the labor market saw in April were due to the hiring of temporary workers in preparation for the 2010 Census, as government employment increased by 72,000 while the private sector shed 611,000 jobs. The unemployment rate jumped up dramatically, from 8.5% to 8.9%, as an additional 563,000 workers were added to the jobless rolls in April. “Today’s employment report shows that while the pace of the hemorrhaging of jobs may be slowing, the crisis in the labor market continues to deepen at a stunning rate,” said EPI economist Heidi Shierholz. 2009-05-08T13:33:51-05:00 http://www.epi.org/quick_takes/entry/out_from_the_shadows/ http://www.epi.org/quick_takes/entry/out_from_the_shadows/#When:11:43:20Z The Supreme Court's decision yesterday in Flores-Figueroa v. United States takes a big stick away from those who want to punish unauthorized immigrants, and makes it easier to imagine a legalization process that could work. If the unauthorized who want to adjust their status will not be able to do so if guilty of crimes, then convictions or the possibility of prosecution for identity theft might keep millions who have used fake social security documents in the shadows. But it is not a crime to be an undocumented worker and the vast majority of undocumented workers are not criminals, any more than are most of the businesses that employ them. Rather, the undocumented are working people seeking a better life, part of an immigration and employment system that has been broken for 20 years. Trade and Global Integration, Immigration Policy/Work Permits 2009-05-05T11:43:20-05:00 http://www.epi.org/quick_takes/entry/labor_market_in_its_darkest_months/ http://www.epi.org/quick_takes/entry/labor_market_in_its_darkest_months/#When:13:27:54Z The March 2009 employment situation report, released this morning by the Bureau of Labor Statistics, showed that the labor market continued its free fall in March. Unemployment increased sharply to 8.5%, its highest level since 1983, and payroll employment declined by 663,000 jobs, an average of over 30,000 jobs lost every work day in March. This was the third steepest decline in fifteen straight months of job losses. Since the start of the recession in December 2007, the economy has shed 5.1 million jobs, including 2.7 million jobs lost in the last four months alone. “This morning’s employment report offered no hint of light at the end of the tunnel. Instead, it showed that the labor market is still in its darkest months,” said economist Heidi Shierholz. Read more. 2009-04-03T13:27:54-05:00 http://www.epi.org/quick_takes/entry/g20_should_have_no_faith_in_the_imf/ http://www.epi.org/quick_takes/entry/g20_should_have_no_faith_in_the_imf/#When:22:07:02Z It makes no sense for the G20 to use the IMF to distribute stimulus funds to developing countries without also demanding IMF reform. IMF loans are usually conditioned on pledges of fiscal restraint, the opposite of what job creation stimulus spending is about. If the G20 wants the make the IMF a tool for development, it must condition its money on the IMF changing the way it does business. Some developing and middle-income countries, despite their economic difficulties, are going to turn down money from the IMF. That’s a shame because they need help. 2009-04-02T22:07:02-05:00