Job Market Monitor
Unemployment
Online ‘mood’ predicts unemployment spikes
SAS, UN discover that social media chatter can provide advanced warning of unemployment increases – and that’s just the tip of the iceberg “At a time when our need for policy agility has never been greater, our traditional 20th century tools for tracking international development cannot keep up. Too often, by the time we have … Continue reading
Is Youth Unemployment Overstated ?
The economics profession is surprisingly bumbling when it comes to estimating unemployment levels, which adds greatly to the macroeconomic confusion since unemployment drives so much policy discussion and public debate today. For example, hardly a day goes by without a new headline screaming about the scandal of joblessness among young people, which has been … Continue reading
Boomers held 11.3 jobs from age 18 to age 46, nearly half of these jobs held from ages 18 to 24.
The average person born in the latter years of the baby boom (1957-1964) held 11.3 jobs from age 18 to age 46, according to the U.S. Bureau of Labor Statistics. Nearly half of these jobs were held from ages 18 to 24. These findings are from the National Longitudinal Survey of Youth 1979; a survey of 9,964 men … Continue reading
Native American joblessness – A slow genocide
The dire social and material statistics of Native America – on some reservations the suicide rate is the highest in the Western Hemisphere (particularly among teenagers), and there are greatly elevated levels of alcoholism, drug use, diabetes, tuberculosis, and domestic violence – coincide with crushing joblessness. The problems of Indian America cannot be effectively solved … Continue reading
House GOP Regulatory Reform Bill: new regulations are suspended until unemployment reaches 94 percent ?
The House Republican regulatory reform bill contains an embarrassing typo, mistaking “employment” for “unemployment.” The “Red Tape Reduction and Small Business Job Creation Act” calls for a moratorium on “significant regulatory action” as soon as the legislation is enacted. The argument by Republicans is that government regulations burden job creation and growth and should therefore … Continue reading
President Obama – We tried that and it didn’t work: Hum…
Speaking to supporters in Oakland, CA, President Obama declared that his economic policies are already proven successes. “We tried that and it didn’t work,” Obama said of Mitt Romney’s proposed tax cuts and spending cuts, which he dismissed as a Bush-style “top down” economic policy. “Just like we’ve tried their plan, we tried our plan … Continue reading
Russia – Unemployment Varies Widely Nationwide
The unemployment rate across Russia differs greatly, by four times among the districts and up to 49 times among individual regions, the State Statistics Agency said in a report on June employment, Interfax reported Friday. The lowest unemployment rate was registered in the Central Federal District at 3.2 percent in June. The highest was posted for the North Caucasus Federal District at 13.2 percent. The unemployment rate in the Northwest Federal District … Continue reading
Tom Allon – Candidate for Mayor of New York City – Declaring War on Unemployment
There is an enemy lurking in our midst and we need to squarely and definitively defeat it: joblessness. Our country’s ills are largely due to the ever-widening economic problems that are touching almost every family in America. If you or a family member are not unemployed or underemployed, you surely know someone close to you … Continue reading
US Unemployment: On the Supernatural Rate
The Natural Rate Hypothesis has been around us for … since Freidman presidential adress (1968?). Economists know that the definition lies on shaky grounds: the general “equilibrium” referred to in the definition has never existed or proven to exist. But assuming it does exist, we should add a concept acounting for the huge gap between … Continue reading
Krugman – Macro 101 – Sticky Wages
A bit more methodology discussion. I’ve written quite a lot about sticky wages, aka downward nominal wage rigidity, which is one of those things that we can’t derive from first principles but is a glaringly obvious feature of the real world. But I keep running into comments along the lines of “Well, if you think … Continue reading
The Youth Unemployment Crisis and the Colorado Shooting
For young people facing a tough job market, the chances of tragedies increase: suicide rates spike, as does the incidence of violence So far, there’s not a whole lot known about James Eagan Holmes, the 24-year old whom police say fatally shot 12 people and injured dozens more in a suburban Denver movie theater during … Continue reading
US – 27 states recorded unemployment rate increases
Regional and state unemployment rates were little changed in June. Twenty-seven states recorded unemployment rate increases, 11 states and the District of Columbia posted rate decreases, and 12 states had no change, the U.S. Bureau of Labor Statistics reported today. Forty-seven states and the District of Columbia registered unemployment rate decreases from a year earlier, while three states experienced increases. … Continue reading
Unemployment – Hard on Confidence And Psychology
Of the 12.5 million unemployed people in the United States, over 5 million have not been able to land a job for 27 weeks or longer, putting them in the ranks of the long-term unemployed. Worse still chances of them getting a job anytime soon are also fast fading. Not only are the long-term unemployed … Continue reading
US Unemployment System – A Bad Employment Policy
…Between 2008 and 2011, $174 billion in unemployment taxes was collected while $450 billion was paid out in benefits, a gap of $276 billion. Thirty-four states blew through their unemployment insurance trust funds and borrowed from Washington — and 22 of those still owe the feds a total of more than $30 billion, according to … Continue reading
Skills Gap Means Longer Hours Hint for Some Jobs
Even in a time of 8% unemployment, some jobs go begging. Surveys reveal a significant share of companies report difficulties filling certain jobs. What’s a company to do when it can’t find workers with needed skills? Work its current employees for longer hours. That’s the conclusion by economists at the Conference Board. The trend suggests … Continue reading
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