Job Market Monitor
US
Wage Bargaining in US – A limited determinant of wage setting research finds
How wages are set is central to understanding the growth of wages and earnings, worker mobility, wage inequality, and the causes of unemployment. Bargaining models and explanations based on them assume that workers have the ability to negotiate compensation and that wages incorporate information about a worker’s outside option(s). With renegotiation, wages can adjust in … Continue reading
UI in US – States are using COVID relief funds to pay off unemployment insurance debt
Because the COVID-19 pandemic and ensuing recession led to skyrocketing unemployment rates in early 2020, 23 states were forced to take out federal loans to continue paying out unemployment insurance (UI) benefits. While interest was initially waived on these loans, these debts started to collect interest after Labor Day of 2021. In recent months, many … Continue reading
Job Report in US (October 2021) – Employment rose by 531,000 and unemployment to 4.6 percent
Total nonfarm payroll employment rose by 531,000 in October, and the unemployment rate edged down by 0.2 percentage point to 4.6 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, with notable job gains in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing. Employment … Continue reading
The COVID Retirement Boom – Over 3 million excess retirements says St-Louis Fed
The labor force participation rate1 registered its largest drop on record in 2020, falling from 63.2 percent in the fourth quarter of 2019 to 60.8 percent in the second quarter of 2020.2 By the second quarter of 2021, the rate had recovered slightly, to 61.6 percent, but was still 1.6 percentage points below its pre-pandemic … Continue reading
Economic Research on Minimum Wage in US – A clear picture that is at odds with how this research is often summarized
The disagreement among studies of the employment effects of minimum wages in the United States is well known. What is less well known, and more puzzling, is the absence of agreement on what the research literature says – that is, how economists even summarize the body of evidence on the employment effects of minimum wages. … Continue reading
Upskilling in US – The American Upskilling Study reveals that workers benefit from an additional 8.6% in annual income
COVID-19 has impacted work in unprecedented ways, with 30 million American adults reporting having lost their jobs or businesses since the beginning of the pandemic. As the U.S. economy recovers from the impact of COVID-19, upskilling programs — defined as training or education that teaches new skills or advances or upgrades existing skills — present … Continue reading
Job Report in US ( September 2021) – Employment rose by 194,000 and number of unemployed fell by 710,000 to 7.7 million with are at 4.8 percent
Total nonfarm payroll employment rose by 194,000 in September, and the unemployment rate fell by 0.4 percentage point to 4.8 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, in professional and businessservices, in retail trade, and in transportation and warehousing. Employment in public education declined over … Continue reading
Pandemic UI in US – Ending it increased employment by 4.4 pp while reducing UI recipiency by 35 pp
In June 2021, 22 states ended all supplemental pandemic unemployment insurance (UI) benefits, eliminating benefits entirely for over 2 million workers and reducing benefits by $300 per week for over 1 million workers. Using anonymous bank transaction data and a difference-in-differences research design, we measure the effect of withdrawing pandemic UI on the financial and … Continue reading
COVID-19, Immigrants and Unemployment in US -The gap has closedr
As businesses across the United States return to near-normal operations, public attention has shifted to reports of labor shortages and rising prices. But even as hiring picks up in the wake of the COVID-19 outbreak, the labor market is not fully healed. Some 9.5 million U.S. workers were unemployed in June 2021, compared with 5.7 … Continue reading
Covid and Business Cycle Dating in US – A trough in monthly economic activity occurred in the US economy in April 2020 says NBER’s Committee
The Business Cycle Dating Committee of the National Bureau of Economic Research maintains a chronology of the peaks and troughs of US business cycles. The committee has determined that a trough in monthly economic activity occurred in the US economy in April 2020. The previous peak in economic activity occurred in February 2020. The recession … Continue reading
Beveridge Curve and Covid in US – It has shifted substantially outward since the start of the pandemic
The ratio of job vacancies to hiring is at an all-time high, and in line with the hiring difficulties highlighted by many employers. The Beveridge Curve, which captures the negative relationship between the job opening rate and the unemployment rate, has shifted substantially outward since the start of the pandemic. As a result, a given … Continue reading
Skills in US – The T-profile and Badges
In the Fall of 2018, the Education Design Lab (Lab), launched Tee Up the Skills with seven two- and four-year colleges and universities across the U.S. The year-long pilot paired each school with at least one employer partner to understand how the Lab’s 21st Century Skills Digital Badges could improve students’ career readiness and serve … Continue reading
Unemployment Insurance (UI) System in US – A plan to reform it
The unemployment insurance (UI) system has played an important role in delivering relief during the current pandemic. At the same time, this experience has highlighted the important challenges facing the UI system due to poor and underfunded administrative capacities, too few unemployed workers qualifying for UI benefits, inadequate levels of regular UI benefits, lack of … Continue reading
An economy-wide labor shortage in US ?
Monthly job-growth over the past 3 months has averaged 540,000, a pace that would see the economy hit pre-covid measures of labor market health by the end of 2022. While recovery can’t come soon enough for U.S. workers, if we do hit this target of pre-COVID labor market health by the end of 2022 it … Continue reading
15$ Federal Minimum Wage in US – Most Americans support it
About six-in-ten U.S. adults (62%) say they favor raising the federal minimum wage to $15 an hour, including 40% who strongly back the idea. About four-in-ten (38%) say they oppose the proposal, according to a Pew Research Center survey conducted April 5-11. The Biden administration and many congressional Democrats favor increasing the federal minimum wage … Continue reading
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