Job Market Monitor
Structural
US – Long-Term unemployment does not harden into structural unemployment finds the Economic Policy Institute (EPI)
This paper finds that regardless of duration, involuntary job loss leads to significant and long-lasting economic damage to individuals and their families. Specific findings on microeconomic scarring include: Excess unemployment during the Great Recession will likely lead to long-run wage losses just for displaced high-tenure workers (those who had the same job for more than … Continue reading
Labor-market failures will not be demand-side but structural, not amenable to any straightforward and easily implemented cure
J. Bradford DeLong At first, the long-term unemployed in the Great Depression searched eagerly and diligently for alternative sources of work. But, after six months or so passed without successful reemployment, they tended to become discouraged and distraught. After 12 months of continuous unemployment, the typical unemployed worker still searched for a job, but in … Continue reading
Lost jobs aren’t coming back and new skills are needed
Do we expect the jobs that resulted from the housing boom to once again come to the rescue of low-wage Americans? The run-up in home prices that triggered the jump in construction and local spending was relatively short-lived, and home prices have returned to the levels where one might expect them to be, based on … Continue reading
The overlapping structural problems
There are several overlapping structural problems writes David Brooks on NYTimes.com. The country is divided when different people take different sides in a debate. The country is really divided when different people are having entirely different debates. That’s what’s happening on economic policy. Many people on the left are having a one-sided debate about how to deal … Continue reading
The ‘New Structural Economics’
“I believe that every developing country, including those in Sub-Saharan Africa, can grow at 8 percent or more continuously for several decades, significantly reducing poverty and becoming middle- or even high-income countries in the span of one or two generations, if its government has the right policy framework to facilitate the private sector’s development along … Continue reading
Permanent Layoffs in Canada | Only around 40% are “rare” events, particularly among older workers
A new study by Statistics Canada by Garnett Picot, Zhengxi Lin and Wendy Pyper uses a new longitudinal data source on the separations of workers to address three issues: First, has there in fact been an increase in the permanent layoff rate in Canada in the 1990s, as one might anticipate given concerns about rising job instability? … Continue reading
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