Job Market Monitor
United States
Youth Unemployment / Are American Next ?
It doesn’t take a degree in economics to know that unemployment hurts an economy. Would-be workers spend less because they earn less (or nothing), and a country’s financial workings and GDP suffer as a result. That much is easy to see, but many of unemployment’s effects can’t be predicted by textbooks, like the full extent … Continue reading
US / Twice the time to get a job than before
During the recession that began in December 2007 and ended in June 2009, millions of employed individuals lost their jobs and the ranks of the unemployed nearly doubled. In the aftermath, the number of jobless who were unemployed for 27 weeks or more continued to rise for about a year until early 2010, when it began to level off. In 2007, … Continue reading
Fiscal Cliff / The Impact on American Jobs
As the year draws to a close, policymakers and the media have their sights fixed on the “fiscal cliff,” the federally mandated set of cuts in spending and increases in taxes scheduled to go into effect at the beginning of 2013. Most economic observers agree that, unchecked, this precipitous drop in government expenditures and spike … Continue reading
US Job Market / The Year 2012 in Review: Improving at a steady slow pace
Employment continued to improve modestly, unemployment edged down, and wage gains were approximately equal to price inflation in 2012. By the end of the year the recovery from the deep recession in 2008-2009 will be 3½ years old. The health of the job market, like that of the broader economy, is improving at a steady … Continue reading
US / Minimum wages raises will benefit nearly 1 million workers in 10 States reports National Employment Law Project
The minimum wage will increase in ten states on Jan. 1, modestly boosting the incomes of nearly one million low-paid workers in Arizona, Colorado, Florida, Missouri, Montana, Ohio, Oregon, Rhode Island, Vermont, and Washington. The state minimum wage rates will rise between 10 and 35 cents per hour, resulting in an extra $190 to $510 … Continue reading
US / State of Local Government Pensions: aggregate unfunded liabilities of $574 billion
State government pensions have attracted considerable media and scholarly attention. Less well understood are the nation’s 3,196 locally administered plans. The paper represents a first step toward filling this gap. After reviewing issues common to state and local plans, it summarizes existing data and research on local pensions. Like many institutions now prevalent in state … Continue reading
New England / Parachute maker Niche Inc warns of 360 layoffs
A New Bedford company that makes parachutes is warning it may have to cut some 360 jobs in February because of an expected drop in defense work. Kenneth Bello, a lawyer for Niche Inc., told the Standard Times of New Bedford that the company does not have enough new military contracts on the horizon to … Continue reading
US / About 29 M employed in offshorable production and services occupations
“Offshoring, also known as offshore outsourcing, is the term that came into use more than a decade ago to describe a practice among companies located in the United States of contracting with businesses beyond U.S. borders to perform services that would otherwise have been provided by in-house employees in white-collar occupations (e.g., computer programmers and … Continue reading
US / Sticking to the job longer
Americans who are lucky enough to have jobs are hanging on to them longer. A new analysis of Census Bureau data shows that median job tenure in 2012 was the highest since at least the early 1980s. The Employment Benefit Research Institute said on Dec. 19 that the median time on the job for American … Continue reading
US Youth / More Are Homeless
Across the country, tens of thousands of underemployed and jobless young people, many with college credits or work histories, are struggling to house themselves in the wake of the recession, which has left workers between the ages of 18 and 24 with the highest unemployment rate of all adults. Those who can move back home … Continue reading
US / Top charts of 2012 by the Economic Policy Institute
EPI’s top charts of 2012 are drawn from our flagship publication, The State of Working America; regularly updated Economic Indicators; weekly Economic Snapshots; and posts on Working Economics, the EPI blog. Taken together, they illustrate that in 2013, policymakers must do more to ensure the U.S. economy works for all Americans. Here are the fisrt … Continue reading
Born in the bottom without higher education: 45% chance of remaining there
As the semester draws to a close at schools and universities across the country and college applications are submitted, the Treasury Department has released a report that should be food for thought for students scrambling to complete their work and finish their exams. The new report, prepared in conjunction with the Education Department, shows that … Continue reading
The Day After Sandy Hook / Funding cuts force layoffs at nonviolence institute
An organization that advocates and teaches nonviolence practices in Rhode Island schools and prisons has been forced to lay off staff, its executive director said Monday. Teny Gross of the Institute for the Study & Practice of Nonviolence said losses in federal and state funding have forced the institute to lay off about one-third of … Continue reading
Focusing on autistics strengths to create 1 million jobs worldwide
Danish company Specialisterne (the Specialists) wants to help create 1 million jobs worldwide for high functioning autistic workers by focusing on their strengths instead of their weaknesses. Owned by the nonprofit Specialist People Foundation, Specialisterne outsources workers with autism and similar challenges once seen as unemployable to perform high-paid consulting tasks in the IT, telecom, healthcare, … Continue reading
US / Nearly 6.9 million people out of the labor force want a job
In January, the U.S. Bureau of Labor Statistics significantly reduced its projections for medium-term labor force participation. The revision implies that recent participation declines have largely been due to long-term trends rather than business-cycle effects. However, as the economy recovers, some discouraged workers may return to the labor force, boosting participation beyond the Bureau’s forecast. … Continue reading
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