Job Market Monitor
United States
US / Service dependent economy delays job recovery
The recession was the deepest one since the Great Depression. But slow job recoveries have become a defining trend of the past three recessions. It took the economy 37 months from the end of the 2001 recession to add back the jobs it lost. For the recession before that, which ended in 1991, it took … Continue reading
US Long-Term Unemployment / Why so many people have been out of work for so long
Democrats generally point to the anemic recovery, in which weak demand for goods and services results in less hiring. The cyclical nature of unemployment, they say, can be addressed with more government stimulus. Republicans tend to focus more on structural problems, in which the education and experience levels of the unemployed don’t match what employers … Continue reading
Sequestration / No college grads need apply
At a time when governments at all levels are trimming staffs, college graduates hoping to land public-sector jobs are facing another hurdle: sequestration. Career counselors and recruiting experts say the federal spending cuts that went into effect March 1 are causing several federal agencies—many of which are having to furlough employees as a result of … Continue reading
US / Employment for 20 to 34-year-olds fell more than than among all workers over age 35 combined
Demos investigated the Bureau of Labor Statistics data for young adults in 2012 in order to see how the experience of young people today affects their prospects for tomorrow. We found that last year passed with no significant gains for young people, who continue to endure a jobs crisis even as the economy recovers. The … Continue reading
US / The number of self-employed at all-time low
The unemployment rate in the United States is at a four-year low, but another labor stat is shrinking in not such a favorable way: a decline in the number of self-employed Americans suggests the personal business will soon be a thing of the past. Since the Great Depression, the number of Americans who identify themselves … Continue reading
Germany vs US / The Hartz reforms and Obama
The origins of Germany’s labor-market turnaround dates back to the mid-1990s, when its ruling class decided that things could not continue to go on this way. A humiliated Germany, of “Wirtschaftswunder” fame, had joined the rest of Europe in recording double digit unemployment rates, peaking at 13 percent in early 2005. The fabled German engineering … Continue reading
The Great Recession: 4,750 “excess” suicides in US, 1,000 in UK
In a book to be released this month, professors David Stuckler and Sanjay Basu say suicide rates in both the U.S. and the U.K. increased after the end of 2007, which marked the beginning of the recession in the U.S. They calculate there were 4,750 “excess” suicides during the slump in the U.S., compared with … Continue reading
(Update2) US / Employment rose by 165,000 in April, unemployment rate to four-year low, but still …
Total nonfarm payroll employment rose by 165,000 in April, and the unemployment rate was little changed at 7.5 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services,food services and drinking places, retail trade, and health care. Household Survey Data The unemployment rate, at 7.5 percent, changed little in April but … Continue reading
US Unemployment Rate / Why Not Target a 3% ?
Sad to say, the Fed considers 5.2 percent to 6 percent the economy’s long-run normal rate of unemployment. Achieving that rate would be a vast improvement over today. Still, once upon a time and not all that long ago, America’s elites strived for full employment, a catchphrase now relegated to economic history. Full employment was … Continue reading
US / Private-sector jobs growth slows in April according to ADP
Private-sector employment growth slowed down in April, hitting the lowest result in seven months as tax hikes and government spending cuts took a toll, Automatic Data Processing Inc. reported Wednesday. Private employers added 119,000 jobs in April, the weakest gain since September, compared with 131,000 in March, according to ADP’s monthly report. “Job growth appears … Continue reading
US / Jobless claims fall sharply to five-year low
The number of Americans filing new claims for jobless benefits fell sharply last week to its lowest level since the early days of the 2007-09 recession, suggesting the job market is still healing despite weakness in the broader economy.Other data on Thursday showed a narrowing of the U.S. trade gap in March, although drops in … Continue reading
US / Job creation remains much better this year that it was in 2009, 2010, and 2011 finds Gallup
Job creation, according to American workers’ reports, remains much better this year that it was in 2009, 2010, and 2011. But, reports of hiring have been stuck in the low to mid-30% range for some time. This is partly due to lower levels of government hiring. Nongovernment workers continue to report slightly higher levels of … Continue reading
US / 41% of college grads overqualified for what they do
College just isn’t worth what it used to be. A survey out Tuesday found that 41% of college graduates from the last two years are stuck in jobs that don’t require a degree. Consulting firm Accenture talked to 1,005 students who graduated from college in 2011 and 2012 and haven’t returned to graduate school. In … Continue reading
US / Tech Talent Shortage: A Myth ?
So it turns out the United States is not, in fact, the educational wasteland tech industry lobbyists would have you think. Companies like Microsoft often claim that America is suffering from an economically hobbling shortage of science, math, and computer talent. The solution, they argue, is to let employers fill their hiring gaps by importing tens of … Continue reading
America Youth Unemployment: A Growing Problem
Did you know we have a youth unemployment problem? Employers of every size in every sector lament the lack of skills available to them in the talent pool. Whether you’re reading reports from McKinsey, the Georgetown University Center on Education and the Workforce, or countless other research organizations, the message is all too similar: our … Continue reading
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