Job Market Monitor
recovery
COVID – Lifting lockdowns and the economic recovery
The pandemic could give rise to a new era of human development. Otherwise, economic and social development may falter for decades. Exhibit 1 shows how different levels of physical isolation affect economic conditions. A recession could occur if faltering demand, restricted supply, and lost income reach critical levels. The differences between scenarios could be tenfold: … Continue reading
Two Recoveries in US – One for Black and one for White homeowners
America’s racial wealth gap increased dramatically following the recent housing market collapse, placing black homeowners at severe economic disadvantage, perhaps for generations to come. A study conducted for the ACLU by the Social Science Research Council, examined data from the longitudinal Panel Study on Income Dynamics concerning black and white households that owned a home … Continue reading
US – Most (60%) see only a partial recovery in jobs Pew finds
The public makes sharp distinctions about which groups have benefited – and which have not – from the economic policies the government has put in place since the start of the recession. Majorities say that large banks, large corporations and the wealthy have been helped a great deal or a fair amount by government policies. … Continue reading
Economists may be too optimistic about the recovery path of output following recessions says FRB analysis
The economic collapse in the wake of the global financial crises (GFC) and the weaker-than-expected recovery in many countries have led to questions about the impact of severe downturns on economic potential. Indeed, for several major economies, the level of output is nowhere near returning to pre-crisis trend (figure 1). Such developments have resulted in … Continue reading
US – The second stretch of economic expansion in a row that has come with little to no growth in real wages
The private sector has now added 10.3 million jobs for 55 straight months, the longest streak on record. Today’s report is all but certain to show tens of thousands more jobs added in October, pushing the streak still further. But wages over that period have barely outpaced the rate of inflation, making this the second … Continue reading
US – The leisure and hospitality industry accounted for almost 1 out of every 5 nonfarm jobs added during the recovery
The most recent employment downturn was historic in many ways, but most notably, in the substantial number of jobs lost. Data from the Bureau of Labor Statistics Current Employment Statistics (CES) survey show that total nonfarm employment fell by 8.7 million jobs between the employment peak in January 2008 and the employment trough in February … Continue reading
UK – The recovery is over as the comes economy back at pre-crisis level
Key points (ONS) Change in gross domestic product (GDP) is the main indicator of economic growth. GDP increased by 0.8% in Q2 2014, the second consecutive quarter on quarter increase of 0.8%. Output increased in two of the four main industrial groupings within the economy in Q2 2014 compared with Q1 2014. In order of … Continue reading
US- 5 years after the Great Recession
The economy reached another milestone last month: All 8.7 million jobs lost in 2008 and 2009 have now been regained. But while the nations payrolls are back to their previous high, they havent kept pace with growth in the working-age population over the last few years. Moreover, many of the jobs lost have been replaced … Continue reading
US – Hours worked for the three underperforming sectors—manufacturing, construction, and information—remain well below their pre-Great Recession levels
The three charts show hours worked for the largest sectors in the economy, grouped by performance relative to pre-Great Recession levels. These data provide insight into current sources of slack in the labor market. The Great Recession took a severe toll on total hours worked across all of these sectors. Excluding the education and health services … 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
New York City – Job growth has been concentrated at the higher and lower ends of the skills distribution
New York City remains on strong growth trajectory, some weakness in Northern NJ to start the year, and signs of firming in Puerto Rico. A growing number of places in the region have gained back the jobs lost during the Great Recession. Types of Jobs Lost and Gained Middle-skill jobs were hardest hit during the recession and havenot come back. During the recovery, job growth has been concentrated at the higher … Continue reading
Canada – The job recovery is overstated says a Bank of Canada’s study
The Bank of Canada says the country’s job-creation record since the recession is likely a little less impressive than the fall in the unemployment rate would suggest. The central bank says in a new research paper that the unemployment rate, although the most quoted measure of labour market health, has overestimated the jobs recovery in … Continue reading
US – Employment recovery has been historically slow writes Atlanta Fed in its Annual Report
The nation’s labor market has recovered far more slowly after the Great Recession than it did following every other economic downturn since World War II. To be sure, employment growth was promising in 2013, and the unemployment rate declined. Other measures of the labor market remained subdued, however. The compensation to workers—including benefits and adjusted … Continue reading
US Job Recovery and Men / The ‘1 million missing’
“Unemployed construction workers have left the industry, either to go back to school, retire or maybe leave the country. They’re no longer sitting at home waiting for a contractor to call them,” said Ken Simonson, chief economist for Associated General Contractors. He calls them the “1 million missing men.” Continue reading
Europe / The Jobs Recovery Is Always Two Years Away
Is the jobs recovery around the corner? A few week ago, the European Commission published its latest economic forecast. Unemployment in the Euro area is projected to drop from 12.2% in 2014 to 11.8% in 2015. This is seemingly good news. The bad news is that the Commission also predicted that unemployment would begin to drop in … Continue reading
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