http://epi.bluestatedigital.com/index.php en aorr@epi.org Copyright 2010 2010-02-05T14:24:29+00:00 http://www.epi.org/quick_takes/entry/unemployment_rate_drops_to_9.7_despite_additional_job_losses/ http://www.epi.org/quick_takes/entry/unemployment_rate_drops_to_9.7_despite_additional_job_losses/#When:14:24:29Z The latest Bureau of Labor Statistics report shows a loss of 20,000 jobs in January. The total number of payroll jobs lost since the start of the recession in December 2007 now stands at 8.4 million. Given the slight decline in payroll jobs in January, there was an inexplicable decline in unemployment in January from 10% in December. Long term unemployment, however, continued to rise, with over 40% of the nation’s unemployed out of work for more than 6 months, a new record. In a testament to the enormity of the current crisis, the U.S. labor market started 2010 with fewer jobs than it had a decade ago, in January 2000, even though the labor force has grown by almost 11 million workers since then. Policy makers need to pass a substantial jobs bill, because if anything should be seen as too big to fail, it should be the livelihood of America’s working families. --Heidi Shierholz 2010-02-05T14:24:29+00:00 http://www.epi.org/quick_takes/entry/gdp_is_growing_but_dont_break_out_the_champagne/ http://www.epi.org/quick_takes/entry/gdp_is_growing_but_dont_break_out_the_champagne/#When:14:40:49Z Today’s report that GDP grew at a 5.7% annual rate in the fourth quarter is good news, but it’s far too early to break out the champagne and declare "recovery accomplished." Even if this growth rate were to be sustained for 3 years we would still not create enough jobs to climb out of the hole caused by this recession. Worse, this growth will not be sustained. This quarter’s growth was driven largely by a restocking of business inventories that will not be repeated in coming quarters. Nothing about today’s report says that a sustained recovery will happen quickly unless Congress and the Administration pass a robust jobs package on the magnitude of $400 billion dollars. -Josh Bivens 2010-01-29T14:40:49+00:00 http://www.epi.org/quick_takes/entry/unemployment_unchanged_at_10_as_labor_force_shrinks/ http://www.epi.org/quick_takes/entry/unemployment_unchanged_at_10_as_labor_force_shrinks/#When:14:21:59Z The latest report from the Bureau of Labor Statistics showed that the jobs situation continued to worsen at the end of 2009 as 85,000 jobs were lost in December. Unemployment held steady at 10.0%, but only because the labor force declined by well over half a million (661,000) workers in December. If those workers had been in the labor force and counted as unemployed, the unemployment rate would have risen to 10.4%. Long term unemployment continued to rise, with nearly 40% of all unemployed workers being unemployed for more than six months. Unfortunately, the hoped-for positive job growth has not yet materialized and we are still seeing modest job losses. -Heidi Shierholz Wages and Living Standards, Jobs, Unemployment Insurance 2010-01-08T14:21:59+00:00 http://www.epi.org/quick_takes/entry/flawed_but_better_than_the_status_quo/ http://www.epi.org/quick_takes/entry/flawed_but_better_than_the_status_quo/#When:19:40:48Z The health reform bill passed by the Senate contains many flaws, but the American health care status quo is a disaster. The Senate bill provides hundreds of billions of dollars to make health care more affordable for tens of millions of people. It also levels the insurance playing field by imposing vital new regulations on private insurers and creating a new marketplace for individuals and small businesses seeking coverage. Its passage would be a welcome step in moving health reform forward. With luck, it will be further strengthened in conference committee when it is merged with the superior House reform bill, which contains more generous subsidies, a more progressive financing structure, and a public option to compete with private insurers in the new exchanges. 2009-12-23T19:40:48+00:00 http://www.epi.org/quick_takes/entry/layoffs_moderating_but_hiring_still_slow/ http://www.epi.org/quick_takes/entry/layoffs_moderating_but_hiring_still_slow/#When:16:15:18Z The Bureau of Labor Statistics’ new Job Openings and Labor Turnover Survey shows there were 13.2 million more unemployed workers than job openings in October, or 6.3 unemployed job seekers for each available job. This compares to a ratio of 1.7 job seekers per job opening when the recession started in December 2007. The new data show that although layoffs are moderating, hiring remains extremely depressed. Until there are more job openings, unemployment will continue its upward climb. --Heidi Shierholz 2009-12-08T16:15:18+00:00 http://www.epi.org/quick_takes/entry/job_loss_moderated_but_long-term_unemployment_continues_to_rise/ http://www.epi.org/quick_takes/entry/job_loss_moderated_but_long-term_unemployment_continues_to_rise/#When:14:12:09Z New employment data for November show a dramatic moderating of job loss – payroll jobs declined by 11,000, the smallest loss since the recession started in December 2007. Other good news was that the average work week increased from 33 hours to 33.2 hours, a positive signal that employers are on the verge of hiring. Unemployment edged down to 10% in November from 10.2% in October, though that was likely in part a correction to the uncharacteristically large jump in unemployment last month.  Long-term unemployment continues to rise. Nearly 300,000 workers crossed the six-months-unemployed threshold in November, bringing the number of long-term unemployed workers to 5.9 million. All told, this report shows that there is finally some healing in the labor market, as indicated by both increased hours and payroll employment remaining essentially unchanged. Unemployment, however, is expected to continue on an upward trend until we start adding jobs in a meaningful way, which will likely not happen until next spring or summer." -Heidi Shierholz Wages and Living Standards, Jobs, Income and Wages 2009-12-04T14:12:09+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