Job Market Monitor
United States
US / Productivity and Employment: an enlarging Gap
Up until about 15 years ago, you could have nicely employed this picture against your Luddite friends who complain about productivity killing jobs. Until then, the two lines largely grew together. Yes, we were more productive, but growth resulted in higher demand that fed back into the economy’s job-creation function in ways that boosted job … Continue reading
US / The Top 20% Own 72%; The Bottom 20%, 3%
The growing disparity in wealth made the great recession worse and the recovery weaker than ever before. This nation’s wealth disparity widened more than ever before over the last five years because of the steep decline in the value of residential homes and stagnant wages for the lower and middle income groups in the U.S., … Continue reading
US / We are creating a permanent class of jobless Americans writes Krugman
There is, unfortunately, growing evidence that the tainting of the long-term unemployed is happening as we speak. One piece of evidence comes from the relationship between job openings and unemployment. Normally these two numbers move inversely: the more job openings, the fewer Americans out of work. And this traditional relationship remains true if we look … Continue reading
Declining advantages for U.S. companies from offshoring
Three economic and financial experts forecast an improvement in U.S. employment as the continuing globalization of national economies continues to lift overseas wages, blunting the advantages U.S. companies derive from offshoring. Bob Baur, chief global economist of Principal Global Investors, Jim McCaughan, chief executive officer of Principal Global Investors, and Drake University law professor Hunter … Continue reading
Boeing / To lay off 1,700 and as many as 700 engineers
The Boeing Co. will reduce its engineering workforce by as many as 1,700 people by the end of the year, with 700 engineers facing layoffs, the Everett Herald reported. As many as 100 engineers will receive 60-day layoff notices on Friday, the Herald reported. Mike Delaney, the vice president of engineering for Boeing, told the … Continue reading
Canadians Now More Affluent Than Americans
They’ve been known to get pretty excited when a new, big-name discount retailer comes to town, but thanks to a booming housing sector, Canadians are more affluent than their American neighbors. At least for the moment, that is. Chosen excerpts by Job Market Monitor via Canadians Now More Affluent Than Americans – Real Time Economics … Continue reading
Sequester / The End Long-Term Unemployment Benefits In 11 States
States are having such a hard time implementing congressional cuts to long-term unemployment insurance that some workforce agencies might just cancel the benefits altogether. The federal budget cuts known as sequestration require states to trim federal benefits known as Emergency Unemployment Compensation by roughly 10 percent. But what would seem like a simple administrative procedure … Continue reading
US / Jobless claims broadly in line with monthly job gains of more than 150,000
The number of Americans filing new claims for unemployment benefits rose slightly last week, allaying fears of a major setback in the labor market recovery. Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 352,000 the Labor Department said on Thursday. The prior week’s number was revised to show 2,000 more applications … Continue reading
US / Jobs could come back if America could change its trade position says Harvard’s Lawrence
Manufacturing job opportunities could improve, although they will likely never be the same. But it isn’t because emerging markets such as China are the threat that many believe them to be, said Robert Lawrence, professor of international trade and investment at Harvard Kennedy School. Investors often focus on micro issues. They hone in on what … Continue reading
It is Time to Upgrade America’s Miserly Minimum Wage writes Ralph Nader
America’s highest-paid CEO last year, John Hammergren of McKesson Corp. received compensation of over $131 million. That is the equivalent of about $63,000 per hour, or $10,000 more than the annual median household income in the United States. Meanwhile, some of this country’s lowest-paid workers—those on minimum wage—made just $15,080 annually at $7.25 per hour. … Continue reading
The global economic recovery remains stuck below takeoff speed finds Brookings
The global economic recovery remains stuck below takeoff speed, unable to achieve liftoff and facing the risk of stalling. Half-hearted fiscal austerity measures are proving to be a drag on growth, and monetary policy continues to shoulder the burden of limiting downside risks. The Brookings-FT TIGER index shows that growth momentum remains weak in nearly … Continue reading
US / Younger Generations Lag Parents in Building Wealth
A new study from the Urban Institute finds that Younger Generations up to roughly age 40 have accrued less wealth than their parents did at the same age, even as the average wealth of Americans has doubled over the last quarter-century. Because wealth compounds over long periods of time — a dollar saved 10 years … Continue reading
US / House Republicans Vote Down on Minimum Wage
House Republicans on Friday unanimously voted down a bill that would have raised the minimum wage. Six Democrats joined them in defeating the effort. The vote came after a surprise move by Democrats, who tacked onto a jobs training program bill an amendment that would have brought the national $7.25 minimum wage to $10.10 by … Continue reading
Keystone XL / Only Canada would profit says President Obama
President Obama told a group of House Republicans at a closed-door meeting on Wednesday that the long-delayed Keystone XL pipeline won’t profit anyone but Canada. Rep. Lee Terry, R-Neb., told the Associated Press that Obama said the benefits of the project have been overstated because many of the jobs created would be temporary, and much … Continue reading
US / Unemployment Benefits / Temporary programs have significantly expanded the benefits
Benefits provided through the unemployment insurance system—a partnership between the federal government and state governments—tend to fluctuate automatically with the unemployment rate. In addition, in times of high unemployment, federal lawmakers often supplement regular and extended unemployment benefits with temporary programs. Since 2008, during and after the most recent recession, temporary programs have significantly expanded … Continue reading
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