Job Market Monitor
Michel Cournoyer
Digitalisation in the US – Significantly higher risk of job losses for workers with low wages
Digitalisation has a substantial impact on the labour market, by modifying skills needed, working conditions and job dynamics in the US. Concerning skills needs, individuals need new digital skills to respond to employers’ needs, but also to function well in society as whole. These skills range from basic digital literacy to advanced technical skills. Moreover, … Continue reading
The Teacher Pay Gap in US – Wider than ever
What this report finds: The teacher pay penalty is bigger than ever. In 2015, public school teachers’ weekly wages were 17.0 percent lower than those of comparable workers—compared with just 1.8 percent lower in 1994. This erosion of relative teacher wages has fallen more heavily on experienced teachers than on entry-level teachers. Importantly, collective bargaining … Continue reading
US – The erosion in labor mobility and entrepreneurship since 2000 can be more accurately explained by weak demand
Academics and policymakers have recently focused on a worsening economic phenomenon commonly referred to as the decline in “business dynamism,” that is, the declining rate at which new businesses are formed and the rate at which they grow. This decline in dynamism and entrepreneurship accompanies a decline in overall labor market mobility, including quits and … Continue reading
Skills – There is a greater demand for socio-emotional skills and higher-order cognitive skills than for basic cognitive or technical skills
Educators believe that they are adequately preparing youth for the labor market while at the same time employers lament the students’ lack of skills. A possible source of the mismatch in perceptions is that employers and educators have different understandings of the types of skills valued in the labor market. Using economics and psychology literature … Continue reading
Egypt – The problem of youth unemployment particularly affects university graduates
Put simply, youth unemployment is an issue that the Egyptian government must deal with urgently, undertaking immediate reforms and directing its full resources toward addressing it. It is unlikely that reforms will solve the issue right away, but if the government’s focus does not fully shift toward dealing with the problem, it and future governments … Continue reading
Unemployment in the Euro Area – 10.1% in June 2016, 20.8% for youth
The euro area (EA19) seasonally-adjusted unemployment rate was 10.1% in June 2016, stable compared to May 2016 and down from 11.0% in June 2015. This remains the lowest rate recorded in the euro area since July 2011. The EU28 unemployment rate was 8.6% in June 2016, stable compared to May 2016 and down from 9.5% … Continue reading
Our Time – Unprecedented Prosperity and Growing Economic Inequality and Uncertainty
We Live in a Time of Unprecedented Prosperity We have had a great run. The world has never been more prosperous than it is today. People around the world live longer, healthier lives than ever before. In emerging markets, billions of people have moved out of extreme poverty. In the developed world, we enjoy better … Continue reading
Skills – The labor market increasingly rewards social skills
The slow growth of high-paying jobs in the U.S. since 2000 and rapid advances in computer technology have sparked fears that human labor will eventually be rendered obsolete. Yet while computers perform cognitive tasks of rapidly increasing complexity, simple human interaction has proven difficult to automate. In this paper, I show that the labor market … Continue reading
Ph.D. and Overeducation in Italy – 31.28% of them report that their Ph.D. title was not useful to get the job they were carrying
In 2009, ISTAT carried out a survey of Ph.D. holders who completed their studies three and five years earlier, in 2006 and in 2004, respectively. The data reveals that unemployment among Ph.D. holders is lower than what is reported for university graduates. A share as high as 92.5% of doctors who completed their studies in … Continue reading
Federal Minimum Wage in US – This week marks the seven-year anniversary of the last time it was raised
This week marks the seven-year anniversary of the last time the federal minimum wage was raised, from $6.55 to $7.25 on July 24, 2009. Since then, the purchasing power of the federal minimum wage has fallen by 10 percent as inflation has slowly eroded its value. However, this decline in the buying power of the … Continue reading
After the Great Recession – Americans past 60 have seen their employment and labor force participation rates increase
Unlike prime-age Americans, who have experienced declines in employment and labor force participation since the onset of the Great Recession, Americans past 60 have seen their employment and labor force participation rates increase. In order to understand the contrasting labor force developments among the old, on the one hand, and the prime-aged, on the other, … Continue reading
Cancer and Work in the Family – Employment rates fell by about 2.4 percentage points on average in the years after spouse’s diagnosis study finds
A spouse’s cancer diagnosis is not only a health shock to the family, but can have an impact on both the work status and earnings of other family members. A new study drew on data from a number of sources, including the 1991 Census, the Canadian Cancer Registry, and personal and family income tax records. The study … Continue reading
The 9-to-5 Day Work – Three in five workers believe it is a thing of the past
A typical work day historically involved eight consecutive hours of effort for full-time workers, but today, most don’t stop working when the clock hits 5 p.m. According to a new survey from CareerBuilder, nearly 3 in 5 workers (59 percent) believe the traditional 9-to-5 work day is a thing of the past. Forty-five percent of … Continue reading
College Education in US – Boost to career earnings much lower for individuals who grew up in lower-income families
A college education, it is hoped, will help the children of the poor and working class gain a larger share of the economic pie. But how much does college really pay off for lower-income Americans? Perhaps surprisingly, there has been little research on how family income background influences the career earnings boost from a college … Continue reading
Investing in Education – A threshold effect after this level of resources is met
A simple correlation analysis using cross-country data suggests that there is at best a weak relationship between student achievement and education spending. In other words, when comparing per pupil spending and average learning outcomes per country, we find that countries with similar levels of spending per student also show enormous differences in how much their … Continue reading
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