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US – The White House economic case for raising the minimum wage
The minimum wage helps support family incomes, reducing inequality and poverty, but as a slide deck from the Council of Economic Advisers shows, as the real value of the minimum wage has been allowed to erode, it has stopped serving this important purpose. via The Economic Case for Raising the Minimum Wage. Related articles Minimum Wage … Continue reading
US Job Market / A slow recovery reflecting slow growth in demand says CBO
The deep recession that began in December 2007, when the economy began to contract, and ended in June 2009, when the economy began to expand again, has had a lasting effect on the labor market. More than four and a half years after the end of the recession, employment has risen sluggishly—much more slowly than … Continue reading
Jobless Claims in US / 14,000 to 348,000 in the week ended Feb. 22, one-month high
More Americans than forecast filed applications for unemployment benefits last week, a sign the labor market is improving in fits and starts. Jobless claims increased by 14,000 to 348,000 in the week ended Feb. 22, exceeding all forecasts in a Bloomberg survey and the highest level in a month, from 334,000 in the prior period, … Continue reading
Best Buy in US / To cut 2,000 managers
Best Buy Co. Inc. apparently told about 2,000 managers around the United States on Wednesday that they were being laid off, a move that would be the company’s biggest job reduction since July 2012 as it continues to cut costs following a weaker-than-expected holiday season. The layoffs will affect about 1.4 percent of Best Buy’s … Continue reading
Sony in US / Closing 20 stores and cutting 1,000 jobs
Sony warned earlier this month about significant and serious reorganization changes coming this year, and now they’re becoming a reality for many employees in the United States. The consumer tech giant announced on Wednesday morning that it will be shuttering 20 stores. This in turn will result in approximately 1,000 layoffs at these locations nationwide. … Continue reading
Minimum Wage Estimated Impacts in US / CBO Director defends position
A number of economists from the White House and beyond have criticized a CBO report on the effects of potentially boosting the minimum wage to $10.10 an hour. But CBO Director Douglas Elmendorf isn’t backing off. Congressional Budget Office Director Douglas Elmendorf defended a controversial report on the minimum wage Wednesday, amplifying a debate that … Continue reading
US / Jobless claims decreased last week
Fewer Americans filed applications for unemployment benefits last week, a sign employers are holding the line on firings even as cold weather slowed industries from manufacturing to housing. Jobless claims declined by 3,000 to 336,000 in the week ended Feb. 15, a Labor Department report showed today in Washington. The median forecast of 53 economists … Continue reading
Minimum Wage Increase in US / The CBO’s estimates of the effects on employment and family income
Increasing the minimum wage would have two principal effects on low-wage workers. Most of them would receive higher pay that would increase their family’s income, and some of those families would see their income rise above the federal poverty threshold. But some jobs for low-wage workers would probably be eliminated, the income of most workers … Continue reading
Unemployment in the US / The top problem for people finds Gallup
Americans have a new No. 1 problem. Nearly one in four Americans mention jobs and unemployment as the most important problem facing the country, up from 16% in January. The government and politicians had topped the list since the government shutdown in October. Chosen excerpts by Job Market Monitor. Read the whole story at Unemployment Rises to … Continue reading
Coal Miner in US / Jobs are vanishing
Coal mine employment in the U.S. has dropped nearly 20% in the past two years as the industry comes under intense competition from natural gas, according to data from SNL energy. From a recent high of about 94,000 in Q4 2011, mining jobs have fallen to about 77,000. Last year, natural gas matched coal in … Continue reading
US Unemployment Insurance Weekly Claims Report / An increase of 8,000 from last week
SEASONALLY ADJUSTED DATA In the week ending February 8, the advance figure for seasonally adjusted initial claims was 339,000, an increase of 8,000 from the previous week’s unrevised figure of 331,000. The 4-week moving average was 336,750, an increase of 3,500 from the previous week’s revised average of 333,250. The advance seasonally adjusted insured unemployment … Continue reading
US / Long-term unemployment has less impact on the behavior of wages study says
How tight is the labor market? The unemployment rate is down substantially from its October 2009 peak, but two-thirds of the decline is due to people dropping out of the labor force. In addition, an unusually large share of the unemployed has been out of work for twenty-seven weeks or more—the long-duration unemployed. These statistics … Continue reading
US Monetary Policy / The recovery in the labor market is far from complete says Yellen
Just because the unemployment rate is falling rapidly, don’t think for a minute that the economy is close to a full recovery. That’s the message Janet Yellen delivered in her first appearance on Capitol Hill since she took the reins of the Federal Reserve. Follow along with MarketWatch’s live blog of Janet Yellen’s testimony. Speaking … Continue reading
Home Depot / More than 80,000 temporary employees will be hired to prepare for the spring
Home Depot Inc. (HD:US), the largest U.S. home-improvement retailer, plans to add the same number of part-time workers for its busiest sales season as it did in 2013, capitalizing on rising demand for home renovations. More than 80,000 temporary employees will be hired to prepare for the spring, when Americans traditionally spend more to fix … Continue reading
Labor Force Participation in US / A Chart
The unemployment rate reached its Obama administration peak in October 2009, at 10 percent. Since then, it has fallen steadily, but unevenly, to its current low. The unemployment rate has fallen, though, partly because of people giving up looking for work. Those who are unemployed, but no longer looking for work, are not included in … Continue reading
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