Job Market Monitor
US
Jobless Claims in US – Near 42-year low
The number of Americans filing for unemployment benefits fell more than expected last week, nearing a 42-year low as labor market conditions continued to tighten in a boost to the economy.Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 267,000 for the week ended Dec.19, not far from levels last seen in … Continue reading
US – Low participation is the main explanation for depressed employment rates among prime-age Americans
Low participation is the main explanation for depressed employment rates among prime-age Americans. Participation rates are not only low in comparison to levels seen before the Great Recession, they are also now below those in other rich countries. Charts 2 and 3 compare employment-to-population rates among 25-54 year-olds in seven OECD member countries (Canada, France, … Continue reading
US – How tight does the labor market have to get before wages really start heating up?
How tight does the labor market have to get before wages really start heating up? In Lincoln, Neb., average hourly earnings were stagnant until the unemployment rate crossed below 2.5% in the fall of 2014. Then, wages took off. Since last October, they gained as much as 10.9% from a year earlier. The jobless rate … Continue reading
Minimum wage in US – If adjusted for inflation, the minimum wage of 1968 would be $10.90 today
If adjusted for inflation, the minimum wage of 1968 would be $10.90 today. That is a whopping reduction of the federal minimum wage by a third. It’s worth noting that the unemployment rate was 3.6 percent in 1968 with a higher real minimum wage. So the unemployment rate is higher today — at 5 percent … Continue reading
The Middle Class in US – Shrinking
The middle class shrinks The hollowing of the American middle class has proceeded steadily for more than four decades. Since 1971, each decade has ended with a smaller share of adults living in middle-income households than at the beginning of the decade, and no single decade stands out as having triggered or hastened the decline … Continue reading
The Skills Gap, Higher Education and the Workplace Readiness – The broken link
96% of Chief Academic Officers rate their institution as very / somewhat effective at preparing students for the world of work. 14% of Americans strongly agree that college graduates in this country are well-prepared for success in the workplace. 11% of business leaders strongly agree that graduating students have the skills ans competencies their business … Continue reading
Occupational Outlook in US – The fastest growing occupations
According to the U.S. Bureau of Labor Statistics (BLS), the civilian labor force in the United States numbered 155.9 million in 2014, and that’s expected to grow to 163.8 million by 2024. What are America’s fastest growing occupations going to be during that time frame? Chosen excerpts by Job Market Monitor. Read the whole story at America’s Fastest Growing Occupations … Continue reading
College Grads Underemployement in US – Lower for those with technically oriented and occupation-specific majors research finds
The image of a young newly minted college graduate working behind the counter of a hip coffee shop has become a hallmark of the plight of college graduates following the Great Recession. Indeed, although economic conditions steadily improved through the recovery, significant slack remained in the labor market, and many recent graduates were not finding jobs … Continue reading
Gender Wage Gaps in US – For every dollar paid to white, African American women are paid from just 48 cents to 69 cents and Latinas from just 43 cents to 59 cents
According to just-released U.S. Census Bureau data, African American women and Latinas are suffering from significant gender-based wage gaps in the 20 states in which most are employed full time, year round. The analysis reveals that for every dollar paid to white, non-Hispanic men in these states, on average, African American women are paid from … Continue reading
Unemployment Rates in US State – None or above 7% for the first time since early 2007
Currently no state has an unemployment rate at or above 7% (light blue); Only eight states are at or above 6% (dark blue). Chosen excerpts by Job Market Monitor. Read the whole story at Calculated Risk: BLS on State Unemployment Rates: No State at or above 7%, First Time since early 2007
US – Declines in completion rates across ages and enrollment intensities
The official end of the Great Recession is considered to be June 2009 (National Bureau of Economic Research, 2010). However, its effects on employment, wages, and family finances have lingered, impacting students and their colleges and universities through 2009, and well beyond. This year’s completions report clearly shows the continuing effects of recession on the … Continue reading
US – More mexicans leaving than coming in
More Mexican immigrants have returned to Mexico from the U.S. than have migrated here since the end of the Great Recession, according to a new Pew Research Center analysis of newly available government data from both countries. The same data sources also show the overall flow of Mexican immigrants between the two countries is at … Continue reading
US – Republican presidential candidates on the minimum wage
The most recent Republican presidential debate coincided with a nationwide day of action from the Fight For $15, a grassroots movement advocating for higher minimum wages. To Fox Business anchor Neil Cavuto’s credit, he seized this opportunity to ask the candidates a simple question: “Are you sympathetic to the protesters’ cause?” The answer was a … Continue reading
Labor Force Participation in US – An increasing share of Americans outside of the labour force are not making an effort to come back
The chart below showed that 93% of those classified as “not in the labour force” in October also resided there in September. Furthermore, since this share hit its cycle-low in June 2010, there has been a clear upward trend and we are currently around historically high levels. In other words, an increasing share of Americans … Continue reading
US – Lower- and mid-wage occupations experienced proportionately greater declines in their real wages
Averaged across all occupations, real median hourly wages declined by 4.0 percent from 2009 to 2014. As Figure 1 shows, lower- and mid-wage occupations experienced proportionately greater declines in their real wages than did higher-wage occupations. Between 2009 and 2014, occupations in the bottom three-fifths saw median wage declines of 4.0 percent or greater. By … Continue reading
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