Job Market Monitor
Fed
US / Possible Fed Successor, Janet Yellen, Has Admirers and Foes
Ms. Yellen is now widely viewed as a logical candidate to succeed the current Fed chairman, Ben S. Bernanke, when his term ends in January 2014. She has worked closely with him in shaping and building support for the Fed’s campaign to stimulate the economy and bring down unemployment. But some of Ms. Yellen’s critics … Continue reading
Low Interest Rates Didn’t Induce Job Growth finds Research by St-Louis FED
The Federal Reserve set the target range for the federal funds rate at 0 to 25 basis points in December 2008. It has remained there because the recovery in output and jobs has been so slow. The rate was set so low to stimulate aggregate demand and job growth (by lowering borrowing costs for consumers … Continue reading
US / ‘Price stability’ remains the policy advice even in the face of serious labor market inefficiencies says St. Louis Fed’s Bullard
Federal Reserve Bank of St. Louis President James Bullard gave remarks Wednesday on “Some Unpleasant Implications for Unemployment Targeters” at the 22nd Annual Hyman P. Minsky Conference. During his presentation, Bullard noted that the U.S. unemployment rate remains high by historical standards and that it has declined about 0.7 percentage points per year from its … Continue reading
US / Fed shifts focus from inflation to jobs
The focus on jobs represents a historic shift for the central bank that began with the 2008 financial crisis and has intensified in the face of four years of middling economic growth. But how much influence the central bank wields over unemployment remains an open question: It cannot direct businesses to hire or inspire entrepreneurs … Continue reading
US / There is no evidence that job losses were larger in states where businesses more worried about government regulation and taxes
What explains the sharp decline in U.S. employment from 2007 to 2009? Why has employment remained stubbornly low? Survey data from the National Federation of Independent Businesses show that the decline in state-level employment is strongly correlated with the increase in the percentage of businesses complaining about lack of demand. While business concerns about government … Continue reading
Fed’s Rosengren: unemployment is well above a longer-run sustainable rate
Aggressive policy easing will remain necessary for the simple reason that levels of both U.S. unemployment and inflation are not where the Federal Reserve wants them to be, a top U.S. central bank official said on Tuesday. In a textbook argument that appeared to push back at some of his more hawkish peers, Boston Fed … Continue reading
The New Fed Unemployment Target: The story behind
The decision was a testament to what former colleagues call Evans’s ability to build consensus. It also shows how one of the Fed’s 12 regional bank presidents can influence policy that is usually made by the central bank’s Washington-based board of governors, led by Bernanke. “Through the power of his ideas and his powers of … Continue reading
How Long Will it Take to Get to 6.5 Percent Unemployment? | Brookings Institution
Job Market Monitor : Last week, the FED said that it will continue to stimulate growth until the unemployment rate falls to 6.5 percent or the inflation rate reaches 2.5 percent. The Fed said it did not expect unemployment to reach that benchmark until 2015. The Brooking Institute takes a look at it. *-* The … Continue reading
How to get to the 6.5% unemployment rate target: roughly 270,000 jobs each month
The Federal Reserve predicts it will keep stimulative policies in place until the unemployment rate falls to 6.5%. But just how many jobs will it take to get there? As of November, the unemployment rate was 7.7%. In order to drop to 6.5% immediately, it would require 1.9 million jobs to be created right now. … Continue reading
FED / Targeting unemployment and inflation
The Federal Reserve announced Wednesday that it will take unprecedented steps to bolster the economy, saying it will continue to stimulate growth until the unemployment rate falls to 6.5 percent or the inflation rate reaches 2.5 percent. The Fed said it did not expect unemployment to reach that benchmark until 2015. It was a historic … Continue reading
US / FED / Dallas Fed President, Richard Fisher, says Fed might set a target for unemployment
Dallas Fed President Richard Fisher, a top Federal Reserve official, said on Tuesday that his main concern now was unemployment, not inflation. He said another option the Fed might consider to signal its aims to markets was a target for unemployment, although this would be difficult because monetary policy alone was not responsible for creating jobs. … Continue reading
FED / Lockhart / Aggressive Easing Needed For Jobs
Federal Reserve Bank of Atlanta President Dennis Lockhart said forceful central bank policies will remain needed to spur job growth even if Congress averts sudden tax increases and spending cuts at the end of the year. “I expect that continued aggressive use of balance sheet monetary tools will be appropriate and justified by economic conditions … Continue reading
US / FED / Yellen Says Fed Should Tie Rate Inflation and Employment
Federal Reserve Vice Chairman Janet Yellen backed a proposal to link the Fed’s zero interest-rate policy to progress toward meeting its goals for inflation and employment rather than to a calendar date. “The Committee might eliminate the calendar date entirely and replace it with guidance on the economic conditions that would need to prevail before … Continue reading
Monetary and fiscal policies will never suffice to reduce long-term unemployment
One of the main policies to reduce long-term unemployment is an active labor market policy. The OECD publishes each year data on Government investments in labor market programs like training and wage subsidies.
Gemany and the Scandinavian countries are champions of active labor market policies. This is well known. But, less known is the fact that the US are not. US investment in active labor market programs before the Great recession wasbelow the OECD average, nearly 4 times lower: 0.13% of GDP vs 0.48%.
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Fed will do whatever it takes to get hiring going
Fed up with the anemic pace of hiring, the Federal Reserve promised Thursday that it would do whatever it takes to reduce unemployment. The Fed stepped up its efforts to boost economic growth, opting for a … http://www.marketwatch.com/story/fed-will-do-whatever-it-takes-to-get-hiring-going-2012-09-13
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