Job Market Monitor
US
Unemployment Insurance In US – Extending benefits to workers in precarious and and nonstandard jobs
Many fear that rapid technical change is raising the rate at which workers are displaced from their jobs, as machines take over many tasks once performed by humans (Brynjolfsson and McAfee, 2014). By shifting the locus of production of many goods from advanced economies to emerging and developing ones, globalization also has contributed to worker … Continue reading
Covid and Labor Earnings in US – $254 billion in lost aggregate earnings, entirely concentrated among individuals who lost their complete labor incomes due to job loss
Using data from the Current Population Survey (CPS), the ofcial source of labor market statistics in the United States, and implementing a regression approach in order to isolate the impact of the pandemic from seasonal and annual patterns, we fnd that weekly labor earnings per adult fell by nearly $100 between February and April, with … Continue reading
Job Report in US (October 2020) – Employment rose by 638,000 and the unemployment declined by 1.0 percentage point to 6.9
Total nonfarm payroll employment rose by 638,000 in October, and the unemployment rate declined to 6.9 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In October, … Continue reading
Labor market Structural Damage in in US – fraction of the unemployed whose previous jobs have been permanently eliminated has increased from 10 percent to about 40 percent
In this analysis, we find evidence of structural damage in the monthly employment data. Early in the pandemic, most workers who lost jobs were laid off temporarily, as businesses expected to reopen and recall their workers. However, as time has passed, an increasing share of unemployed workers have no expectation of being recalled: the fraction … Continue reading
Teacher Shortage in US – A crisis made worse by COVID
Some estimates have put the shortage of teachers relative to the number of new vacancies in classrooms across the country that go unfilled at more than 100,000—a crisis exacerbated by the pandemic. But policy changes can go a long way in addressing this shortfall. We lay out those policy solutions in our just-released paper, A… … Continue reading
Immigration in US – Selecting those with the skills to fill the jobs of the future will be vital to the country’s economic vitality
WASHINGTON — Even before the COVID-19 pandemic and resulting job dislocation unseen since the Great Depression of the 1930s, economists and futurists predicted extensive changes to the future of work in the United States. While the focus has been chiefly on the transformations that automation and off-shoring will bring, and a related discussion about the … Continue reading
UI Weekly Claims in US (week ending October 24) – 751,000, a decrease of 40,000 from the previous week’s revised leve
In the week ending October 24, the advance figure for seasonally adjusted initial claims was 751,000, a decrease of 40,000 from the previous week’s revised level. The previous week’s level was revised up by 4,000 from 787,000 to 791,000. The 4-week moving average was 787,750, a decrease of 24,500 from the previous week’s revised average. … Continue reading
Occupational Licensing and Non-Competition Agreements in US – Declining in dynamism, but attempts to reform often face stiff opposition
Labour market fluidity has declined substantially since the late 1990s and coincides with a period of sluggish productivity growth as discussed in Chapter 2. State-level labour market regulation contributes to some of the concerning lack of dynamism, notably occupational licensing and non-competition agreements, which both cover around one fifth of American workers. Labour market regulation … Continue reading
Wage Growth in US – The Illusion
Despite a sharp spike in unemployment since March 2020, aggregate wage growth has accelerated. This acceleration has been almost entirely attributable to job losses among low-wage workers. Wage growth for those who remain employed has been flat. This pattern is not unique to COVID-19 but is more profound now than in previous recessions. This means … Continue reading
Job Report in US (September 2020) – Employment rose by 661,000 and unemployment declined to 7.9 percent
Total nonfarm payroll employment rose by 661,000 in September, and the unemployment rate declined to 7.9 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In September, … Continue reading
College-Educated Immigrants in US – Nearly 13 million accounting for 45 percent of software developers, 42 percent of physical scientists, and 29 percent of physicians
Nearly 13 million immigrants have a four-year college degree or better. But these highly educated immigrants are not spread evenly throughout the labor market. They make up disproportionate shares of certain jobs, especially in the science and technology fields, accounting for 45 percent of software developers, 42 percent of physical scientists, and 29 percent of … Continue reading
Covid, Government Financial Support and Output in US – Will boost GDP by 4.7 percent in 2020 and 3.1 percent in 2021, by about 59 cents for every dollar over 3 years
In March and April of 2020, four major federal laws were enacted in response to the 2020 coronavirus pandemic. Those laws, which contained a wide array of conventional and unconventional fiscal policies, will add $2.3 trillion to the deficit in fiscal year 2020 and $0.6 trillion in 2021, according to the Congressional Budget Office’s estimates. … Continue reading
UI during COVID in US – How to improve it
This panel will focus on changes in unemployment insurance (UI) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and how lessons from these changes can guide reform of the federal-state UI system. For example, what lessons does the CARES Act UI payments experience offer on how we can better promote an equitable recovery? … Continue reading
UI Weekly Claims in US (Week ending September 12) – 860,000, a decrease of 33,000 from the previous week’s revised level
SEASONALLY ADJUSTED DATA In the week ending September 12, the advance figure for seasonally adjusted initial claims was 860,000, a decrease of 33,000 from the previous week’s revised level. The previous week’s level was revised up by 9,000 from 884,000 to 893,000. The 4-week moving average was 912,000, a decrease of 61,000 from the previous … Continue reading
Covid in US – 52% of young adults are now living with their parents
The share of 18- to 29-year-olds living with their parents has become a majority since U.S. coronavirus cases began spreading early this year. The coronavirus outbreak has pushed millions of Americans, especially young adults, to move in with family members. The share of 18- to 29-year-olds living with their parents has become a majority since … Continue reading
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