Job Market Monitor
US
US – The Skills Gap
We could think of the US labor markets as consisting of two distinct pools of workers: skilled and unskilled. And while the unskilled workers are leaving the labor force, the skilled labor market is starting to tighten. Thats part of the reason for the persistent mismatch between job openings and the unemployment/marginal employment rate – … Continue reading
Skills Gap in US Manufacturing – 75 percent of manufacturers surveyed report a moderate to severe shortage of skilled resources
A new Accenture manufacturing and skills study, completed in collaboration with The Manufacturing Institute, looks at the skills shortage in the US manufacturing industry and what actions manufacturing companies can take to address this impediment to growth. Our study includes survey responses from more than 300 executives from a diverse range of US manufacturing companies. … Continue reading
Fathers in US – 2 million stay-at-home in 2012
The number of fathers who do not work outside the home has risen markedly in recent years, up to 2 million in 2012. High unemployment rates around the time of the Great Recession contributed to the recent increases, but the biggest contributor to long-term growth in these “stay-at-home fathers” is the rising number of fathers … Continue reading
US – The Job Gap is still near 7.0 million
Furthermore, it is an utterly meaningless benchmark economically. Because the working-age population and with it, the potential labor force is growing all the time, we should have added millions of jobs over the last six-plus years just to hold steady. That means that when we get back to the prerecession employment level, there will still be a … Continue reading
May US Job Report – Employment rose by 217,000, returning employment to its pre-recession level, and UR unchanged
Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was unchanged at 6.3 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, health care and social assistance, food services and drinking places, and transportation and warehousing. Household Survey Data The unemployment rate held at … Continue reading
US – Gallup’s Job Creation Index reaches a new high
Gallups U.S. Job Creation Index reached a new high in its more than six-year trend, registering +27 in May. The prior high had been +26 in the initial monthly measurement of January 2008, just as the recession was taking hold. The index is based on employee reports of hiring activity at their places of employment. … Continue reading
Teen Unemployment in US – A crisis says EPI
In preparation for summer 2013, the Employment Policies Institute EPI released a new analysis highlighting the nation’s staggeringly high 24.1 percent teen unemployment rate. Teen unemployment has exceeded 20 percent for over four and a half years—a fact that calls into question the wisdom of passing additional minimum wage increases that would price more teens … Continue reading
US – ADP Job Report in May: Private-sector employment increased by 179,000
Private-sector employment increased by 179,000 from April to May, on a seasonally adjusted basis. Chosen excerpts by Job Market Monitor. Read the whole story at ADP National Employment Report – May 2014 | NER. Private-sector job creation was weaker than expected in May U.S. businesses added more jobs in May, though not as many as economists anticipated–the latest sign … Continue reading
Overeducation in US – 66% of workers remaining overeducated after one year research finds
In their paper The career prospects of overeducated Americans, (Preliminary version) @ unc.edu Brian Clark, Clément Joubert and Arnaud Maurel analyze career dynamics for the substantial share of U.S. workers who are deemed overeducated in the literature. They use data from the National Longitudinal Survey of Youth 1979 combined with the pooled 1989-1991 waves of the … Continue reading
Income Distribution in US – Estimates of the share of non-managerial workers in all industries since 1964 (Chart)
The statistical image that emerges from these numbers is neither Piketty’s vision of rising returns to “capital” as such, nor Krugman’s picture of an increase in returns to managerial “labor.” Rather, we see the burgeoning of a general surplus: an excess of national income over and above what’s needed to pay the nation’s non-managerial workers, … Continue reading
Unemployment Insurance Extension in US – Update
Barring an unexpected change of direction from the Republican leadership, the House of Representatives on Friday evening will go into recess yet again without taking action on extending emergency unemployment compensation benefits for millions of the long-term jobless. It’s not the first time the House has left town without delivering financial help for the more … Continue reading
US – Highly educated immigrants raise native wages
mmigrants to the US are drawn from both ends of the education spectrum. This column looks at the effect of highly educated immigrants – in particular, those with degrees in Science, Technology, Engineering, or Mathematics – on total factor productivity growth. The authors find that foreign STEM workers can explain 30% to 60% of US … Continue reading
Piketty in One Graph
This graphic summarizes the key inequality and policy trends for the U.S. traced in Thomas Piketty’s Capital in the Twenty-First Century. Scrolling through the policy metrics suggests some of the causal forces at work: a precipitous decline in the top inheritance and income tax rates lifting the ceiling on high incomes; and the collapse of … Continue reading
Unemployment Claims in US – The four-week moving average for new claims lowest since 2007
The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to a strengthening labor market. Initial claims for state unemployment benefits declined 27,000 to a seasonally adjusted 300,000 for the week ended May 24, the Labor Department said on Thursday. The prior weeks claims were revised to show … Continue reading
The Changing Economy – Infographic from the US Census Bureau
The Changing U.S. Economy – U.S. Census Bureau.
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