Job Market Monitor
US
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
US / Can something be done to get Good Jobs ?
Economists are of many minds on the question of whether government policies can reverse negative trends. David Autor, an economist at M.I.T., argued in an email to The Times that “we’re not going to rapidly reverse the tide with any conceivable policy that a mainstream political party or even a mainstream economist would adopt.” Autor … Continue reading
UK / Underemployment missed in headline figures
Headline figures miss important groups, such as the part-time workers who want to go full-time but can’t, or the freelancers and self-employed who are barely attracting enough work or customers to get by. Neither of these groups are out of work; but nor are they fully employed. And while they are included in some totting … Continue reading
US / ‘Price stability’ remains the policy advice even in the face of serious labor market inefficiencies says St. Louis Fed’s Bullard
Federal Reserve Bank of St. Louis President James Bullard gave remarks Wednesday on “Some Unpleasant Implications for Unemployment Targeters” at the 22nd Annual Hyman P. Minsky Conference. During his presentation, Bullard noted that the U.S. unemployment rate remains high by historical standards and that it has declined about 0.7 percentage points per year from its … 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
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
New Mexico / Work-sharing, an alternative to layoffs
Instead of cutting jobs, a House bill aims to give companies the option of cutting hours instead. A proposal by Rep. Georgene Louis, D-Albuquerque, that passed the House Tuesday aims to create a “work-sharing” program in New Mexico. Under the bill, companies would have the option of agreeing with the state to trim the hours … Continue reading
Trans-Pacific Partnership good for US job creation Obama says
President Obama said Tuesday that forging new trade deals should serve as a catalyst to job creation and broader economic growth in the United States. At a meeting of the President’s Export Council, Obama said that many of the jobs generated during the nation’s economic recovery have been driven by growing exports amid a goal … Continue reading
US / Vocational Education: a pathway to college, and a way to gain skills to pay tuition
Classes like wood shop or auto shop used to be called vocational classes. They were known as an academic dumping ground for students who weren’t succeeding in a regular classroom. But a lot has changed. In the rural mid-Michigan school district of Stockbridge, classes now offer a pathway to college, and a way to gain … Continue reading
US / Fed shifts focus from inflation to jobs
The focus on jobs represents a historic shift for the central bank that began with the 2008 financial crisis and has intensified in the face of four years of middling economic growth. But how much influence the central bank wields over unemployment remains an open question: It cannot direct businesses to hire or inspire entrepreneurs … Continue reading
US / Long-Term Unemployment Is Still High
Jobs! The economy added 236,000 of them in February, which is good. And, as my colleague Derek Thompson points out, it added more construction jobs than at any time since March of 2007, which is even better. After all, housing is what makes recoveries go boom. But let’s be honest. Even with our nascent housing … Continue reading
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