Job Market Monitor
Great Recession
Greece – In Great Depression PM says
Greece is in a “Great Depression” similar to the American one in the 1930s, the country’s Prime Minister Antonis Samaras told former U.S. President Bill Clinton on Sunday. Samaras was speaking two days before a team of Greece’s international lenders arrive in Athens to push for further cuts needed for the debt-laden country to qualify … Continue reading
Europe – Unemployment – A tragic past
Just like in the 1930s, when the Great Depression caused youth unemployment to hit the 50% levels in Germany, the current financial crisis is wreaking havoc on young people. Young people are always hardest hit due to their lack of work experience. This is now accentuated as the youngster from Athens competes directly against the … Continue reading
U.S. Job Recovery – Faster for Men than Women
Even as women have moved up the economic ladder and outpaced men in earnings growth over the last decade, they are lagging behind in a crucial area — getting new jobs. Since the recession ended in June 2009, men have landed 80% of the 2.6 million net jobs created, including 61% in the last year. … Continue reading
Depression-era seniors experience – How will the attitudes of today’s young adults be affected
For the fifth consecutive year, newly minted college graduates face a weak labor market and a painfully slow recovery. Many young adults who have found work are languishing in low-paying, no-benefit jobs that don’t require degrees. Some still live with their parents and are saddled with debt, delaying full-fledged adulthood indefinitely. The Depression’s impact on … Continue reading
US – A Very Bad Recovery – Worse Ever ?
The stats are daunting. The unemployment rate has been above 8 percent for 41 consecutive months, yet as cited above, that number only reflects those people participating in the labor force. The labor force participation rate was 63.8 percent last month, one of the lowest percentages on record. If not for that convenient anomaly, unemployment would be … Continue reading
Job Market Recovery – Great Recession vs Great Depression
( By Bill McBride) – The causes of the Great Recession were similar to the Great Depression – as opposed to most post war recessions that were caused by Fed tightening to slow inflation – and I’m frequently asked if we could compare the percent job losses during the two periods. Unfortunately there is very little data … Continue reading
States with the Longest Stretches of Unemployment
In the annals of states with long stretches of high unemployment, Nevada seems destined to become the poster child for the Great Recession and foreclosure crisis. The state has an 11.9% unemployment rate — a half a percentage point higher than runner up Rhode Island. Nevada has led the nation in unemployment for 27 months, … Continue reading
After the Great Recession : Underemployed and Underpaid
Throughout the Great Recession and the not-so-great recovery, the most commonly discussed measure of misery has been unemployment. But many middle-class and working-class people who are fortunate enough to have work are struggling as well, which is why Sherry Woods, a 59-year-old van driver from Atlanta, found herself standing in line at a jobs fair … Continue reading
A Recovery is not another recovery
The point that all recoveries are the same — whether preceded by a financial crisis or not — is argued in a recent Federal Reserve working paper by Greg Howard, Robert Martin and Beth Anne Wilson. It was also discussed in a recent article in the Wall Street Journal. It is mystifying that they can … Continue reading
U.S. | Rising innequalities in the United States was a root cause of the financial crisis
As noted by The Economist, “[s]everal prominent economists now reckon that inequality was a root cause of the financial crisis.” Indeed, in recent years there has been a proliferation of analyses supporting this view writes Till van Treeck in Did inequality cause the U.S. financial crisis? published on boeckler.de. The explanation is straightforward: As the benefits of rising … Continue reading
Three main reasons that this recovery isn’t generating enough jobs
There are three main reasons that this recovery isn’t generating enough jobs: 1. Overall economic growth has been subpar since this recovery started Six months after the last recession ended, the U.S. economy began growing at an annual rate of 3.8%, adjusted for inflation. And although it has slowed since then, real growth for the … Continue reading
Unemployment in the U.S. | What Can Policy Do?
The U.S. labor market has been reeling since the onset of the Great Recession in December 2007. Public concern has largely focused on the unemployment rate, which rose to double digits and has stalled at more than 8 percent. This rate is unacceptably high, and macroeconomic policy efforts have been unsuccessful in bringing it down write Robert … Continue reading
Recession-Proof Industries | Only 2 Industries Have Recovered All The Jobs Lost
Only 2 Industries Have Recovered All The Jobs Lost In The Recession – Business Insider Business Insider looks at the jobs recovery by various industries. The table below shows that the Leisure & Hospitality and Mining industry have recovered all the jobs lost during the Great Recession. The recovery has produced 1.25 million Professional Service jobs, … Continue reading
Wage Growth in the U.S. Will Feel Effects of Great Recession for Years to Come | The Conference Board
The Great Recession has confronted U.S. workers with an extended buyer’s market in jobs, according to a new Executive Action Report from The Conference Board, leading to overall wage growth between 2008 and 2010 that was the weakest since the 1960s. Feeling the Pain: Wage Growth in the United States examines prevailing trends in recent … Continue reading
ILO and World Bank report on government actions against the Great Recession
The International Labour Organization and the World Bank released a joint report and new online data tool with the first comprehensive stocktaking of countries’ jobs-related policy responses to the recent global financial and economic crisis. A follow-up to a request from leaders at the 2009 G20 Pittsburgh Summit, the report, Inventory of Policy Responses to … Continue reading
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