Job Market Monitor
US
Prime Age Workers in US – 6.1 percentage points decline in employment between 1999 and 2013
The share of prime-age adults who worked at some point during the year declined about 6.1 percentage points between 1999 and 2013 (note this differs somewhat from LFP). The share of people who did not work during the year because they could not find work (unemployed) picked up around 1.6 points. The share of people who … Continue reading
The Current Population Survey (CPS) in US – A massive fraud coming out of its Philadelphia region
Back in 2012 a whistleblower told the Census Bureau about a massive fraud coming out of its Philadelphia region. One of the guys who was supposed to be going door-to-door surveying people in the Washington, DC, area about their employment situation was faking the responses. As it turned out, that guy — Julius Buckmon — … Continue reading
US – Higher education didn’t protect hispanic and black wealth study finds
College-educated families usually earn significantly higher incomes and accumulate more wealth than families headed by someone who does not have a four-year college degree. The income- and wealth-boosting effects of education apply within all racial and ethnic groups. Higher education may also help “protect” wealth, buffering families against major economic and financial shocks and mitigating … Continue reading
US – The rightward shift in the Beveridge curve
One feature of how the labor market looks different from before the Great Recession is captured in the Beveridge curve relationship, as shown here (vacancy rate vs. unemployment rate): We’re interested in the Beveridge curve, in part because the relationship falls out of conventional Mortensen-Pissarides search models of the labor market. In that model, we … Continue reading
US – 40% of survey respondents say they’re living paycheck-to-paycheck
While the U.S. economy continues to improve and consumer sentiment remains above a baseline level for optimism, many consumers are still searching for fiscal relief. In fact, 40% of respondents in a recent Nielsen survey say they’re living paycheck-to-paycheck. But in today’s world, what does it actually mean to live paycheck-to-paycheck? In its most basic … Continue reading
Temporary Help Workers in the U.S. Labor Market
The number of jobs in the temporary help services industry reached an all-time high of 2.9 million in May 2015, accounting for 2.4 percent of all private sector jobs in the U.S. economy. This short report looks at the latest official U.S. government statistics on the temporary help services industry and its workforce to provide … Continue reading
US – Teens aren’t working summer jobs anymore
At 41.3 percent, the July labor force participation rate of teens was the lowest for the month in the post-World War II period. The teenage summer job has been going the way of telephone booths and the cassette tape for decades. The length of the downward trend has been masked by the fact that it’s hard … Continue reading
US July Jobs Report – 2.9 million jobs over the past 12 months
The U.S. economy added 215,000 jobs in July, continuing a steady expansion. Friday’s report from the Labor Department showed few changes from the prior month on a range of measures, including the unemployment rate, at 5.3%, and the labor-force participation rate. The economy has added around 2.9 million jobs over the past 12 months. That’s … Continue reading
Millennials in US – Less likely to be living independently of their families
Five years into the economic recovery, things are looking up for young adults in the U.S. labor market. Unemployment is down, full-time work is up and wages have modestly rebounded. But, according to a new Pew Research Center analysis of U.S. Census Bureau data, these improvements in the labor market have not led to more … Continue reading
Minimum Wage in US – The Tracker
There are 14 states that have changed their minimum-wage law since January 2014. Alaska, Arkansas, Connecticut, Delaware, Hawaii, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, Rhode Island, South Dakota, Vermont, and West Virginia The effective minimum wage has increased in 26 states and D.C. since January 2014. Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Maryland, … Continue reading
US – CEO pay was, on average, more than 370 times higher than the income of the average American worker Stifel finds
According to a recent report from the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), S&P 500 company CEOs made an average salary package of $22.6M in 2014, up nearly $2M from the previous year. Alternatively, according to the Bureau of Labor Statistics (BLS), the average worker in the US made only $36.1k … Continue reading
Gender Gap in US – Some Charts
The most recently available data from the U.S. Bureau of Labor Statistics show women above the age of 35 typically make less than 80% the salary of their male counterparts. Among younger workers it is a bit better, but still unequal, with women aged 16 to 34 making about 90 cents to every dollar paid … Continue reading
Jobless Claims in US – Lowest since 1973
The number of Americans filing new applications for unemployment benefits last week fell to its lowest level in more than 41-1/2 years, suggesting job growth remained solid despite slowing in June. Initial claims for state unemployment benefits declined 26,000 to a seasonally adjusted 255,000 for the week ended July 18, the lowest level since November … Continue reading
Participation in US – Looking solely at the falling unemployment rate overstates that recovery
I am pleased to be here today to address an important topic for understanding the health of the labor market and the economy overall: the labor force participation rate, which currently stands at 62.6 percent. The continued decline of the unemployment rate since 2010 is the most commonly cited piece of evidence that the labor … Continue reading
Job Market in US – There may be some lingering slack FRBSF says
The U.S. economy is looking quite good. Growth is on a solid trajectory, and the FOMC’s maximum employment goal is in sight. Risks from abroad are unlikely to overturn strong U.S. fundamentals. Still, the exact timing of an initial interest rate increase will depend on convincing evidence that inflation is heading back toward target. The … Continue reading
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