Job Market Monitor
A Closer Look
Teenage employment in Australia – A crisis
Since February 2008, there have been 917 thousand net jobs added to the Australian economy but teenagers have lost a staggering 117.3 thousand over the same period. It is even more stark when you consider that 97.2 thousand full-time teenager jobs have been lost in net terms. Even in the traditionally, concentrated teenage segment – … Continue reading
Millennials – The best-educated generation in US history but overall they don’t earn more
A demographic cohort is never monolithic, but the group that recently entered the labor force had one trait in common: they watched as the Great Recession dramatically reshaped the landscape of employment, housing, and, in general, their expectations. How profoundly will the economic downturn and its associated effects mark this generation? On top of the … Continue reading
The Beveridge Curve in US – A worsening
Real Time Economics has been tracking the progression of the Beveridge Curve, named after the economist William Henry Beveridge, that tracks the relationship between the job openings rate and the unemployment rate. With so many jobs available, more people ought to be finding their way to work. An openings rate above 3% has historically meant … Continue reading
Immigration into the United States – An Overview
RECENT IMMIGRATION PATTERNS During the 1990s, more immigrants arrived in the United States than in any previous decade: between 1990 and 2000, the number of foreign-born U.S. residents rose by thirteen million to total thirty-two million. According to the best estimates of demographers, about nine million of these newcomers were legal immigrants. If two million … Continue reading
Poverty in US – The Psychological Effects (Infographic)
For the more than 40 million Americans in poverty, everyday life is a struggle — buying food, going to school, getting a job. And for a great many of them, what most people think of as simple tasks are also difficult. Let’s explore the picture of poverty in the U.S. and the psychological … Continue reading
Not all industries recovered equally in US – Interactive Charts
Five years since the end of the Great Recession, the economy has finally regained the nine million jobs it lost. But not all industries recovered equally. Each line below shows how the number of jobs has changed for a particular industry over the past 10 years. Scroll down to see how the recession reshaped the … Continue reading
Unconscious racial biases are heightened by the downturn study finds
It looks as though a more subtle form of racial bias may have played a role as well—thanks to psychological factors that, in a recession, tend to make those biases worse. The new study is by Amy Krosch and David Amodio of New York University. Amodio in particular has extensively studied what are called “implicit” … Continue reading
Foreign-born Workers in US – Unemployment rate at 6.9 percent in 2013, down from 8.1 percent
The unemployment rate for the foreign born in the United States was 6.9 percent in 2013, down from 8.1 percent in 2012, the U.S. Bureau of Labor Statistics reportedtoday. The jobless rate for the native born fell to 7.5 percent in 2013, also downfrom 8.1 percent in the prior year. Data on nativity are collected … Continue reading
Unemployed in US – Risk of depression is nearly twice as high
Unemployment takes a significant toll on the mental health of workers, especially those who have been out of their jobs for at least 27 weeks — what the Bureau of Labor Statistics considers the “long-term unemployed. ”The longer a person has been out of work, the greater the chances that he or she will develop … Continue reading
US – The Skills Gap
We could think of the US labor markets as consisting of two distinct pools of workers: skilled and unskilled. And while the unskilled workers are leaving the labor force, the skilled labor market is starting to tighten. Thats part of the reason for the persistent mismatch between job openings and the unemployment/marginal employment rate – … Continue reading
Fathers in US – 2 million stay-at-home in 2012
The number of fathers who do not work outside the home has risen markedly in recent years, up to 2 million in 2012. High unemployment rates around the time of the Great Recession contributed to the recent increases, but the biggest contributor to long-term growth in these “stay-at-home fathers” is the rising number of fathers … Continue reading
Financial Crisis and Jobs – The current Job Recovery in US outperforms other
When comparing the Great Recession against other advanced economies’ financial crises in recent decades, the current U.S. cycle has outperformed in terms of employment, even as most other measures of financial crises were just as bad — home prices, stock prices, GDP per capita, government debt and the like. Chosen excerpts by Job Market … Continue reading
US – The Job Gap is still near 7.0 million
Furthermore, it is an utterly meaningless benchmark economically. Because the working-age population and with it, the potential labor force is growing all the time, we should have added millions of jobs over the last six-plus years just to hold steady. That means that when we get back to the prerecession employment level, there will still be a … Continue reading
Income Distribution in US – Estimates of the share of non-managerial workers in all industries since 1964 (Chart)
The statistical image that emerges from these numbers is neither Piketty’s vision of rising returns to “capital” as such, nor Krugman’s picture of an increase in returns to managerial “labor.” Rather, we see the burgeoning of a general surplus: an excess of national income over and above what’s needed to pay the nation’s non-managerial workers, … Continue reading
Piketty in One Graph
This graphic summarizes the key inequality and policy trends for the U.S. traced in Thomas Piketty’s Capital in the Twenty-First Century. Scrolling through the policy metrics suggests some of the causal forces at work: a precipitous decline in the top inheritance and income tax rates lifting the ceiling on high incomes; and the collapse of … Continue reading
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