http://epi.bluestatedigital.com/index.php en aorr@epi.org Copyright 2009 2009-11-06T14:21:35+00:00 http://www.epi.org/quick_takes/entry/unemployment_up_sharply_despite_gdp_growth/ http://www.epi.org/quick_takes/entry/unemployment_up_sharply_despite_gdp_growth/#When:14:21:35Z Unemployment rose dramatically to 10.2% in October, the highest rate since March of 1983, and 190,000 payroll jobs were lost. This is in spite of the fact that the economy is now growing. “The American Recovery and Reinvestment Act has stopped the free-fall, but the scale of economic decline has been so large that it has not been enough to prevent rising unemployment. Today’s unemployment numbers are a wake-up call. Our leaders need to authorize substantial additional spending for relief and job creation in order to prevent unemployment from remaining elevated for years to come,” said EPI economist Heidi Shierholz. “Unemployment has now exceeded what some thought would be the peak. With such a huge fire we need every hose we can find to put it out,” said EPI’s president Lawrence Mishel. 2009-11-06T14:21:35+00:00 http://www.epi.org/quick_takes/entry/vp_biden_consults_mishel_other_experts_to_discuss_middle_class_challenges/ http://www.epi.org/quick_takes/entry/vp_biden_consults_mishel_other_experts_to_discuss_middle_class_challenges/#When:14:07:50Z Vice President Joe Biden on November 5 convened a group of experts, including EPI’s president, Lawrence Mishel, to advise the White House task force he heads on the struggles of middle class families. Mishel blamed the current situation that has left so many middle class families squeezed on decades of faulty assumptions. Lowering business costs, ostensibly to help consumers, has eroded workers’ ability to earn a decent living and drive consumption rather than rely on debt and asset bubbles. Mishel advocated new policy priorities focused on rebuilding the nation’s supply of good jobs and reestablishing wage growth that reflects productivity growth. “As the President has said, we must develop a new foundation for growth,” Mishel said. “This means enhancing productivity growth and transitioning to a low carbon economy. It also means a relentless focus on generating quality jobs and building an economy where the entire workforce benefits from rising productivity.” 2009-11-05T14:07:50+00:00 http://www.epi.org/quick_takes/entry/new_proof_that_the_recovery_act_is_working/ http://www.epi.org/quick_takes/entry/new_proof_that_the_recovery_act_is_working/#When:21:15:31Z New data from recipients of grants, loans, and contracts made under the Recovery Act count about 650,000 new jobs created or retained to date, one of the strongest signs yet that the Recovery Act has led to significant job creation. The data, which reflect a fraction of all the Recovery Act investments made to date, are consistent with other estimates of jobs creation showing that between 1.1 and 1.5 million jobs have been created or preserved as a result of the stimulus package to date. It follows recent news that the economy as a whole grew by a 3.5% annual rate in the third quarter, another indication that the Recovery Act has provided a much needed spark to the economy. -John Irons 2009-10-30T21:15:31+00:00 http://www.epi.org/quick_takes/entry/recovery_act_crucial_to_gdp_growth_this_quarter/ http://www.epi.org/quick_takes/entry/recovery_act_crucial_to_gdp_growth_this_quarter/#When:13:06:34Z In the 6 months before investments made under the American Recovery and Reinvestment Act (ARRA) started to kick in, the economy was contracting at a 5.9% rate. In the 6 months since, the economy has grown at a 1.4% rate, new gross domestic product figures released on October 29 show. While it’s far too early to declare “mission accomplished,” it is crystal clear that the Recovery Act was crucial in pulling the economy out of its tailspin and putting it on the path to growth. -Josh Bivens 2009-10-29T13:06:34+00:00 http://www.epi.org/quick_takes/entry/senate_republican_stand_on_unemployment_insurance_makes_no_sense/ http://www.epi.org/quick_takes/entry/senate_republican_stand_on_unemployment_insurance_makes_no_sense/#When:20:20:31Z Senate Republicans are reportedly planning to block legislation that would extend unemployment insurance benefits for the 1.5 million people who have been out of work so long they will have exhausted their eligibility -- unless the extension is paid for with funds already devoted to saving or creating jobs. This is a bewildering position to take. Paying for additional unemployment compensation with funds intended to prevent more people from losing their jobs or to spur job creation, is a truly extraordinary example of robbing Peter to pay Paul. Helping the unemployed today while adding more to their ranks tomorrow is a choice no public servant should ever make. –Ross Eisenbrey 2009-10-19T20:20:31+00:00 http://www.epi.org/quick_takes/entry/recovery.gov_jobs_number_a_sliver_of_the_total/ http://www.epi.org/quick_takes/entry/recovery.gov_jobs_number_a_sliver_of_the_total/#When:18:00:07Z In the first batch of data reported from recipients of Recovery Act funds, the Web site Recovery.gov said on October 15 that 30,383 new jobs had been created so far. This is an important first step toward greater government transparency, but it should not be interpreted as an accurate number of all the jobs created by spending under the $787 billion Recovery Act passed last February. Recovery.gov’s initial report represents only $16 billion in awarded contracts, meaning that it excludes jobs created or saved by grants, loans, tax cuts, or any relief spending, such as unemployment insurance and food stamps or state fiscal assistance. In addition, this initial report only measures direct employment. It does not count “respending” jobs, such as those created or saved indirectly by workers’ new spending and consumption, or “upstream” jobs, created or saved at companies that manufacture, transport, or sell the supplies used by recipients of Recovery Act investments. EPI believes the Recovery Act is on track to create 3 to 4 million jobs over two years. –Kathryn Edwards 2009-10-15T18:00:07+00:00 http://www.epi.org/quick_takes/entry/6.3_million_job_seekers_for_every_job_opening/ http://www.epi.org/quick_takes/entry/6.3_million_job_seekers_for_every_job_opening/#When:20:32:31Z Although the number of monthly job losses has declined since last winter, it is still getting harder every month to find a job. There were 6.3 job seekers for every job opening in August, a new report from the Bureau of Labor Statistics shows. That ratio increased from 6 to 1 in July and from 1.7 job seekers per job opening in December 2007, the first month of the recession. The ratio of job seekers to job openings does not include people who are currently employed but are looking for work due to a lack of job security in their current positions, so it actually understates the number of people competing for each job. – Heidi Shierholz 2009-10-09T20:32:31+00:00 http://www.epi.org/quick_takes/entry/jobs_gap_still_widening/ http://www.epi.org/quick_takes/entry/jobs_gap_still_widening/#When:14:15:36Z The Bureau of Labor Statistics on Friday released the employment report for September, the 21st month of consecutive job loss, making this the longest streak in 70 years. While losses have moderated since the huge drops early this year, they remain substantial -- 263,000 jobs were shed in September and the unemployment rate rose to 9.8%. The only factor that kept unemployment from rising higher was that 571,000 workers dropped out of the labor force. Between the 7.2 million jobs lost since the start of the downturn in December 2007, and the 2.7 million jobs (about 127,000 per month) that should have added to keep up with population growth, the gap in the labor market has now reached approximately 9.9 million jobs. To close this gap and return the labor market to pre-recession conditions by September of 2011, employment would have to increase by an average of 538,000 jobs every month between now and then. Thanks to the Recovery Act, we have stepped back from the abyss and losses are moderating. But the hole in the labor market is now so huge that it will require enormous, sustained levels of growth to fill it any time soon. --Heidi Shierholz 2009-10-02T14:15:36+00:00 http://www.epi.org/quick_takes/entry/job_gap_still_widening/ http://www.epi.org/quick_takes/entry/job_gap_still_widening/#When:13:27:09Z The Bureau of Labor Statistics on Friday released employment data for September, the 21st month of consecutive job loss. While job losses have moderated since the huge drops early this year, they remain substantial -- 263,000 jobs were shed in September and the unemployment rate rose to 9.8%. The only factor that kept unemployment from rising higher was that 571,000 workers dropped out of the labor force. Between the 7.2 million jobs lost since the start of the downturn in December 2007, and the 2.7 million jobs (about 127,000 per month) that should have been added to keep up with population growth, the gap in the labor market has now reached approximately 9.9 million jobs. To close this gap and return the labor market to pre-recession conditions by September of 2011, employment would have to increase by an average of 538,000 jobs every month between now and then. Thanks to the Recovery Act, we have stepped back from the abyss and losses are moderating. But the hole in the labor market is now so huge that it will require enormous, sustained levels of growth to fill it any time soon. -Heidi Shierholz 2009-10-02T13:27:09+00:00 http://www.epi.org/quick_takes/entry/census_bureau_report_shows_need_for_health_care_reform/ http://www.epi.org/quick_takes/entry/census_bureau_report_shows_need_for_health_care_reform/#When:14:53:53Z A new Census Bureau report on income, poverty and health insurance coverage in the U.S. shows that the existing health care system is failing to provide stable and secure coverage for a growing number of Americans. The report shows that employment-based health coverage dropped for the eighth year in a row, from 59.3% of Americans covered in 2007 to 58.5% in 2008. The number of Americans without any health insurance rose from 45.7 million in 2007 to 46.3 million in 2008. It’s a virtual certainty that with the deepening of the recession in 2009, more Americans are losing health insurance every day. Americans need affordable, secure alternatives to a system where losing a job too often means losing health insurance. The status quo is simply not a viable solution. –Elise Gould 2009-09-10T14:53:53+00:00