Jared Bernstein
Jared Bernstein
Jared Bernsteinis a Senior Fellow at the Center on Budget and Policy Priorities. From 2009 to 2011, Bernstein was the Chief Economist and Economic Adviser to Vice President Joseph Biden in the Obama Administration. Bernstein's appointment was considered to represent a progressive perspective and "to provide a strong advocate for workers"...
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Folks are coming back into the labor market, but they're not finding jobs there. The tepid pace of job growth was too low to keep unemployment from rising. We're looking at a fairly weak recovery, at least initially.
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Our expectations have been pretty diminished. A good month used to be 300,000 more jobs and now it is 200,000.
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As this recovery gets under way, professional services have begun adding jobs fairly broadly.
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(The) 43,000 new jobs is much too small a number to lower the unemployment number. The unemployment report underscores that the recovery is off to a slow start. The Fed will most certainly not raise (interest) rates in the near-term.
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Given the growth of the population and labor force and improvements in productivity, we need to be adding somewhere in the neighborhood of 150,000 jobs per month to nudge unemployment down.
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Of course there are jobs that few Americans will take because the wages and working conditions have been so degraded by employers. But there is nothing about landscaping, food processing, meat cutting or construction that would preclude someone from doing these jobs on the basis of their nativity. Nothing would keep anyone, immigrant or native born, from doing them if they paid better, if they had health care.
factors gains growth hard home income jobs major net ownership pushing race report shows start typical unless wage weak worth
This report shows a race between factors boosting net worth such as home ownership and factors pushing the other way such as weak wage growth. Unless we start to see better income growth from jobs and wages, it is hard to see major gains in net worth for the typical family.
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As jobs become more available, people are no longer finding themselves stuck as long in unemployment.
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You need to create ever more jobs in order to absorb increases in the labor force as well as productivity gains.
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There were close to 200,000 jobs cut in the past couple of months, making them the worst two months of last year. The jobless recovery is not only lingering, it's deepening.
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These results reveal the breadth of the unprecedented gap between the pace of overall economic progress and the returns to working people.
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I've been pretty happy to see the pace of job growth in professional services.
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These are workers who have the weakest bargaining leverage and are most likely to be exploited, particularly in a period where you have a weak labor demand and a large labor supply.
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Enough people said exactly that ? I tend to believe them.