Job Market Monitor
US
Millennials in US – The share of college-educated young adults in today’s workforce is higher than ever before
As U.S. college graduates earn their bachelor’s degrees and enter the job market this month, data from the Census Bureau show that the share of college-educated young adults in today’s workforce is higher than ever before. Four-in-ten Millennial workers ages 25 to 29 had at least a bachelor’s degree in 2016, according to a Pew … Continue reading
Millennials in US – The largest living generation
In 2016, there were an estimated 79.8 million Millennials (ages 18 to 35 in that year) compared with 74.1 million Baby Boomers (ages 52 to 70). The Millennial population is expected to continue growing until 2036 as a result of immigration. By some measures, Millennials have very different lives than earlier generations did when they … Continue reading
H-1B Visas in US – About two-thirds (64%) of requests were for occupations in STEM
President Donald Trump has ordered a comprehensive review of the H-1B visa program, the primary way that companies in the United States hire high-skilled foreign workers. The multiagency review is expected to result in suggested changes to ensure that the most skilled and highest-paid applicants receive H-1B visas. Though the order may be the first … Continue reading
Minimum Wage in US – Gradually raising to 15$ by 2024 would directly lift the wages of 22.5 million workers
The federal minimum wage was established in 1938, as part of the Fair Labor Standards Act (FLSA), to help ensure that all work would be fairly rewarded and that regular employment would provide a decent quality of life. In theory, Congress makes periodic amendments to the FLSA to increase the federal minimum wage to ensure … Continue reading
Job Report, US, April 2017 – Total nonfarm and unemployment rate was little changed at 4.4 percent
Total nonfarm payroll employment increased by 211,000 in April, and the unemployment rate was little changed at 4.4 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in leisure and hospitality, health care and social assistance, financial activities, and mining. Household Survey Data Both the unemployment rate, at 4.4 percent, and the … Continue reading
Immigration in US – About one-fifth of the world’s migrants
The U.S. has more immigrants than any other country in the world. Today, more than 40 million people living in the U.S. were born in another country, accounting for about one-fifth of the world’s migrants in 2015. The population of immigrants is also very diverse, with just about every country in the world represented among … Continue reading
Gender Differences in Occupations in US – Risk aversion and attitudes toward competition, a clear scope for future
The differential sorting of men and women into different occupations could be an important channel through which gender wage differences are maintained. At the same time, the same factors that lead men and women to choose different occupations may also have a direct effect on the gender wage gap. Over the last decade, labor economists … Continue reading
Class of 2017 in US – Underemployment rates among young graduates have improved but remain higher than before the recession began
After years of elevated unemployment and depressed wages, young graduates’ economic prospects have finally begun to brighten. Members of the Class of 2017 have better job prospects than their peers who graduated in the aftermath of the Great Recession. Unemployment rates for young high school and young college graduates have returned to within one percentage … Continue reading
Higher Education in US – College majors that didn’t exist 5 years ago
As the work landscape changes, the educational landscape has to adapt as well. Just in time for graduation (which will likely bring a flood of resumes to recruiters’ inboxes), here are a few majors that probably didn’t exist when you were in college—and why they’re relevant to the growing workforce: 1. Robotics Engineering What: Bachelor of … Continue reading
The impact on employment and wages of Robots in US – No overall positive impact on any group
As robots and other computer-assisted technologies take over tasks previously performed by labour, there is increasing concern about the future of jobs and wages. This column discusses evidence that industrial robots reduced employment and wages between 1990 and 2007. Estimates suggest that an extra robot per 1,000 workers reduces the employment to population ratio by 0.18-0.34 … Continue reading
FedViews – The April jobs report left little doubt that the economy has reached full employment
The April jobs report left little doubt that the economy has reached full employment. Unemployment fell to 4.5% in March, below most estimates of its sustainable level in a healthy economy, or the natural rate. Other indicators also point to stronger conditions. For example, the number of workers who reported being involuntarily part time employed … Continue reading
Older Workers – How do employers adapt ?
Aging men and women are increasingly remaining in the labor force. Most often the reason for this is that they need to work additional years in order to be able to support an increasing number of years in retirement. This leaves employers scrambling for ways to adapt to a growing number of retirement-aged workers. Clark … Continue reading
Aging Workforce in US – A 10% increase in the fraction of the population ages 60+ decreases the growth rate of GDP per capita by 5.5% research finds
Population aging is widely assumed to have detrimental effects on economic growth yet there is little empirical evidence about the magnitude of its effects. This paper starts from the observation that many U.S. states have already experienced substantial growth in the size of their older population and much of this growth was predetermined by historical … Continue reading
Public Employment Service in US – USDOL has neglected strengthening the partnership with Unemployment Insurance research finds
The Employment Service-Unemployment Insurance (ES-UI) partnership is rooted in permanent authorizing statutes, an identical fund source, common rules for state administration, and interdependent practices to guard against improper payments and expose claimants to suitable job openings. This partnership is central to the success of the public workforce system. Over the past several decades, USDOL has … Continue reading
US – Income volatility is the result of broad shifts in the labor market
The lack of access to stable, predictable cash flows is the hard-to-see source of much of today’s economic insecurity. We came to understand this after analyzing the U.S. Financial Diaries (USFD), an unprecedented study to collect detailed cash flow data for U.S. households. From 2012 to 2014 we set up research sites in 10 communities across the country. The USFD research … Continue reading
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