Job Market Monitor
A Closer Look
The Middle Class in US – A steady contraction in the past five decades
The middle class, once the economic stratum of a clear majority of American adults, has steadily contracted in the past five decades. The share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021, according to a new Pew Research Center analysis of government data. The shrinking of the … Continue reading
Skilled Trades in Canada – To do more to attract young Canadians
Latest research from the annual 3M State of Science Index reveals an overwhelming 96 per cent of Canadians agree that the country’s workforce needs more skilled trades workers. Inspiring and supporting the next generation of skilled workers will be crucial to Canada’s economic recovery and addressing Canada’s growing labour shortage. Despite Canadians thinking highly of … Continue reading
Labour Shortages in Canada – Labour markets haven’t been this tight in decades
In nearly every Canadian industry and across every sector, a historic labour shortage is hitting companies hard. As of June 2022, businesses posted almost 70% more job openings in Canada than pre-pandemic. But these firms were competing for 13% fewer unemployed workers than were available in February 2020. The impact is severe: more than half … Continue reading
Inflation in UK – Real wages fall at the fastest rate on record
Today’s labour market data tell us a bit more about how the labour market is responding to high inflation and the cost of living shock. We see some things we would expect, some things which may be surprising, and much that remains unresolved. The most eye-popping statistic in today’s labour market data is also the … Continue reading
The $100 Trillion Global Economy – In one chart
Source: The $100 Trillion Global Economy in One Chart – Visual Capitalist
Inflation and Bank of Canada – No “soft landing” history tells us
History tells us that the Bank of Canada has a 0% success rate in fighting inflation by quickly raising interest rates. If a pilot told me that they’d only ever attempted a particular landing three times in the past 60 years with a 0% success rate, that’s not a plane I’d want to be on. … Continue reading
Net-Zero Workforce – The four steps
A net-zero workforce is needed to deliver the net-zero portfolio If global warming is to be limited to 1.5 degrees Celsius by 2050, work must begin now to build a net-zero workforce that is tailored to the vision and scope of the net-zero portfolio. Leaders can drive a four-step strategy that leverages the competitive advantages … Continue reading
College Education in US – The gender gap is growing
The growing gender gap in higher education – both in enrollment and graduation rates – has been a topic of conversation and debate in recent months. Young women are more likely to be enrolled in college today than young men, and among those ages 25 and older, women are more likely than men to have … Continue reading
Labour Market Recovery in Canada and US – Opposite directions for self-employment
There has been a surge in self-employment in the US of 2.8%, in contrast to Canada’s dip of 8.6% – whether this can be viewed in favourable terms is debatable Chosen excerpts by Job Market Monitor. Read the whole story @ Exclusive Feature – Labour market: The recovery in review
Job Openings and the Beveridge Curve in US – It shifted further outward during and after the COVID-19 pandemic
What are job openings? Using a sample of 16,000 employers, the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) measures the number of people who have left their jobs. JOLTS also counts the number of positions for which employers are actively recruiting and would start within 30 days of hire. The number … Continue reading
Life Satisfaction in US – More people say they’re not too happy than say they’re very happy for the first time
More people say they’re not too happy than say they’re very happy for the first time since the survey began. The question : Taken all together, how would you say things are these days–would you say that you are very happy, pretty happy, or not too happy? Chosen excerpts by Job Market Monitor. Read the whole … Continue reading
Labor Market in US – It reflect the economy’s robust recovery from the coronavirus pandemic
Evgeniya Duzhak, regional policy economist at the Federal Reserve Bank of San Francisco, stated her views on the current economy and the outlook as of February 10, 2022. The improvements in the labor market reflect the economy’s robust recovery from the coronavirus pandemic. The unemployment rate in January stands at 4.0%, close to the natural … Continue reading
COVID-19 Impacts on Workers in US – Households with income less than $25,000 were 3.5 times as likely to report missing an entire week of work
Household Pulse Survey (HPS) data reveal stark inequities in COVID-19-related outcomes by income. Among working-aged Americans, those with 2019 household incomes less than $25,000 were 3.5 times as likely to report missing an entire week of work mainly due to their own or loved ones’ COVID-19 symptoms, relative to those earning $100,000 or more (Figure). … Continue reading
Participation in US – Labor market exits and entrances are elevated
Although people out of the labor force continue to enter each month at elevated rates, two findings suggest particular risk for the labor market outlook going forward: (1) the exit rate out of the labor market is generally more elevated among those without a four-year postsecondary degree and (2) people who are unemployed continue to … Continue reading
Labor Force Participation in US – Why Isn’t it recovering?
While the unemployment rate continues to fall quickly, labor force participation has made no progress since August 2020. In this US Daily, we examine where labor force participation remains weak and potential explanations for its underperformance. Most of the 5.0mn persons who have exited the labor force since the start of the pandemic are over … Continue reading
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