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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It looks to me like employers are finally either facing or expecting a level of demand that's much more convincing to them, ... This is yet another piece of evidence that employers are shedding their excessively cautious ways.
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This is what a healthy job market looks like ? we just haven't seen it for a long while, so it makes inflation hawks nervous.
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The economy looks pretty snappy from 30,000 feet, but when you get down and look at how actual working families are doing, they're falling behind year after year.
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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.
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Folks at the top of the income scale definitely notice when they're paying $3.50 a gallon for gasoline. But for them, that doesn't necessarily mean they are going to have to cut back elsewhere, ... Younger families have lower incomes.
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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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People think unemployment is still relatively low, but there's all the difference in the world between a tight labor market and a weak one when you're talking about employees' ability to bargain for a fair share of growth.
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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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will make it harder for working families to truly get ahead.
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Unless working families can give up food and gas, this combination of slow wage growth and faster inflation continues to pinch.