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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These numbers reveal a labor market that's not bouncing back quickly enough to absorb new entrants along with the people laid off during the downturn.
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The consumer's been doing a fine job, but we can't keep tapping them and expect them to get us out of a jobless recovery. That's why lots of people on both sides of the aisle are asking for fiscal stimulus.
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Enough people said exactly that ? I tend to believe them.
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This is a pretty negative report. The reason unemployment ticked down is the labor force contracted. That suggests fewer people are getting into the game, looking for work, and that kind of discouragement can lead to a lower unemployment rate.
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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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As jobs become more available, people are no longer finding themselves stuck as long in unemployment.
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It's unprecedented. There is a large and growing gap between how the economy is performing and the living standards of the people stoking the engine.
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A lot of economic indicators are up. But there are a lot of people in the economy who are still down.
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When income growth is concentrated at the top of the income scale, the people at the bottom have a much harder time lifting themselves out of poverty and giving their children a decent start in life.
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I think the fingerprints of a faltering job market are all over this report. We've got more people working, but they're failing to get ahead.
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These top line numbers suggest we are into what's beginning to look like a jobless recovery. We simply can't drive unemployment down if we're only adding 30 or 40,000 jobs. So, basically, we're looking at a situation where the recovery is calling, but the labor market isn't really picking up the phone.
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I'm definitely ready to believe that the rate of job loss has slowed and that soon we will be adding jobs. The question is, will we be adding enough to keep unemployment from rising?
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I'm more optimistic than I was a month and a half ago,
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Inequality is growing in all parts of the country.