Job Market Monitor
United States
International Comparaison of Skills in US – Not measurably different in literacy, but more unequal, below in numeracy and problem solving according to PIAAC
In literacy, the U.S. average score (272) was not measurably different than the PIAAC international average score (273) (see figure 1-A). Compared with the PIAAC international average distribution of literacy skills, the United States had a larger percentage of adults performing at both the top and the bottom of the distribution (13 versus 12 percent … Continue reading
Jobless Claims in US (week ended April 9) – The lowest since 1973
The number of Americans filing for unemployment benefits unexpectedly fell last week, revisiting a level last seen in 1973 as the labor market continues to strengthen despite a sluggish economy. Initial claims for state unemployment benefits decreased 13,000 to a seasonally adjusted 253,000 for the week ended April 9, the Labor Department said on Thursday. … Continue reading
Social Security and Life-Expectancy Gap in US – Benefits that men earning $20,000 or $80,000 could expect to receive
A study led by Stanford University economist Raj Chetty, showed that life expectancy differed for the top 1% and bottom 1% of the income distribution by 15 years for men and by 10 years for women. Now, a new study from the Government Accountability Office shows the dramatic effect this is having on Social Security. To show the effect of … Continue reading
Technical Change and Early Retirement in US – Once a certain degree has been reached, the probability to retire early decreases again
In a new research paper published in the IZA Journal of Labor Policy, Lorenzo Burlon (Bank of Italy and IZA) and Montserrat Vilalta-Bufí (University of Barcelona) reexamine the effect of technical progress on early retirement in the US. They find that technical progress affects early retirement in two opposing ways. On the one hand, it … Continue reading
US – Extension of unemployment benefits has no significant effect on the unemployment rate research finds
Gabriel Chodorow-Reich of Harvard University and Loukas Karabarbounis of the University of Chicago find that the extension of unemployment benefits from 26 to 99 weeks during the Great Recession increased the unemployment rate by at most 0.3 percentage point. In addition, they find little effect of jobless benefit extensions on state-level macroeconomic variables such as vacancies … Continue reading
Immigration to United States – At a numerical high, reaching 42.4 million people in 2014
What is the size of the overall immigrant population, and how does its share of the total U.S. population compare with earlier eras? How many people immigrate to the United States? How many become U.S. citizens? What is the size of the unauthorized population? What jobs do immigrants hold? How do today’s top source countries … Continue reading
High-income in US – Those above $250,000 paid 51.6% of all individual income taxes in 2014
In 2014, people with adjusted gross income, or AGI, above $250,000 paid just over half (51.6%) of all individual income taxes, though they accounted for only 2.7% of all returns filed, according to our analysis of preliminary IRS data. Their average tax rate (total taxes paid divided by cumulative AGI) was 25.7%. By contrast, people with incomes of less than … Continue reading
Education, Skills and Economic Opportunity in US – Fourteen Economic Facts
The Payoff to Skills is High Fact 1: Both cognitive and soft skills—such as perseverance, tenacity, and social skills—play an important role in shaping economic outcomes. Fact 2: The skills premium has increased dramatically. Fact 3: Educational attainment has increased in the United States, especially among women. Fact 4: Americans who did not attend college form … Continue reading
College in US – A’s were the most common grade
A’s were the most common grade on college campuses in 2013, accounting for 45% of grades awarded to students, according to an analysis of grade data at more than 80 schools by Stuart Rojstaczer, an independent researcher, and Chris Healy, a computer science professor at Furman University. By contrast, college students were most likely to … Continue reading
White-Guy Jobs Gap in US – 2.3 percentage points (or about 1.1 million jobs), a larger shortfall than any other group
By some measures, people in their prime working years have a long way to go to recoup the losses of the 2007-09 recession — and white men are further behind than most. On average over the three months through March, a nonseasonally adjusted 86 percent of white men between the ages of 25 and 54 were … Continue reading
$15 Minimum Wage Proposals in US – Pieces on the raging debate
The plans to raise the minimum wage to $15 in California and New York are ambitious and welcome at a time when the eroding value of the federal minimum wage means more and more working families can afford less and less. California’s minimum wage would reach $15 in 2023 for all employees and in 2022 … Continue reading
Wages Growth in US – Wage are indded growing with the decline of unemployment
Wage growth — described as slow and unconvincing by Federal Reserve officials plotting their path to higher interest rates — is more robust by some measures than commonly acknowledged due to changes in the composition of the workforce. With unemployment close to the lowest in eight years, accelerating pay gains would force Fed Chair Janet … Continue reading
Education in US – 8th Grade achievement and parents education level
Children born to well-educated parents are likely to have an advantage, even of the parents are not, or do not remain, married. Over at the Institute for Family Studies, Nicholas Zill has crunched a longitudinal dataset from the Department of Education. Zill finds that most children (9 in 10) have parents with the same level … Continue reading
Involuntary Part-Time in US – Increased incidence during recessions research finds
In this paper we argue that involuntary part-time work has been overlooked by research on the dynamics of labor markets, which has mainly focused on unemployment. The notion of involuntary part-time work is closely related to that of unemployment, in that both entail a constraint on workers’ desired labor supply. An individual is considered to … Continue reading
Social Security in US – What if we were to recast it as true insurance?
What if we were to recast regular Social Security as true insurance? Insurance is something that pays out only when things go wrong. If you don’t have a car crash, or your house doesn’t burn down, you don’t get your premiums back later in life. What you do get is protection and peace of mind. … Continue reading
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