Tag Archive for Jobs Program

Commentary on the June 2014 BLS Jobs Report

The June employment situation is largely consistent with recent trends. It is not remarkable, but those recent trends are better than what we had become used to in the years following the deep losses of the 2007-2009 recession. Employment over the last year has risen 2.5 million, while employment growth for the last three months has averaged about 270,000 jobs, as the economy recovered from the harshest months of the winter. The report today suggests that the 2014 first quarter GDP decline of 2.9% was not a sign of major weakening, but rather the result of the bad weather early in the year.

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Commentary on the May 2014 BLS Jobs Report

The month of May saw job growth of 217,000 in the U.S. but no change in the number of people who are unemployed. Perhaps buoyed by the news of job growth, 218,000 unemployed people who had abandoned the search for work re-entered the labor force in May. But what awaits those hopeful job-seekers?

Although we’ve had several months of relatively positive jobs reports, the pace of job growth has been too slow to employ the nearly 10 million officially unemployed workers in any reasonable amount of time. The number workers without jobs for 27 weeks or more did not change in May and still accounts for 35% of the total unemployed. Nor has the labor force participation rate budged past the historically low levels that have defined the Great Recession and its long, dreary ‘recovery.’ Prospects for working people are still grim, especially in the 24 states that have callously refused to expand Medicaid even as their residents struggle to get by.

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Commentary on the April 2014 BLS Jobs Report

Ok, 50 straight months of job growth in the private sector – almost unprecedented – and we’re roughly back to where we were in late 2007, just before the official beginning of the “Great Recession.” The top line number for the report on April job creation was 288,000 new jobs and a decline in the unemployment rate to 6.3%. In many economic recoveries in the post-WWII years, this would be good news and worth celebrating. But the Long Depression that began in 2007 is far from over, and I don’t mean just that the number of long term unemployed remains higher than in any other post-recession period or that the labor force participation rate is lower than at any time since the early 1980s, both of which are true. I mean the underlying problem, that the US economy is a failure in achieving the core goal of any modern economy: generating living wage jobs for all willing and able to work.

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Commentary on the December 2013 BLS Jobs Report

The theme of this month’s jobs report ought to be ‘not enough.’ The latest disappointing numbers are far lower than the optimistic expectations voiced by many economists after ADP reported payroll growth of 238,000 in December 2013. CPEG has been arguing for years that what job growth the U.S. economy has seen since the official end of the ‘great recession’ has been inadequate. In fact, the total number of employed workers in the U.S. is still lower than it was before the start of the great recession. The Bureau of Labor Statistics announced this morning that the economy added 74,000 jobs in December 2013, falling far short of expectations. This anemic job growth brings the total employment in the country to less than what it was in November 2007, the month before the great recession started. It’s important to note that if the economy had added the 200,000+ jobs that many expected, we would still not have reached pre-recession employment levels. Even a ‘good’ jobs report would have been disappointing.

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Commentary on the November 2013 BLS Jobs Report

The markets – Dow is up more than 150 points – and the media – “economy set to add most jobs since 2005” – liked today’s jobs report: 203,000 jobs created in November 2013. And, of course, we should be glad over 200,000 people had jobs in November who didn’t have them in October. But does this mean that the economy is up and running for us? Perhaps the best way to answer that question is to take three dates: Nov 2007, the last month before what has been labeled the “great recession,” June 2009, the official end of the “great recession”, and today and look at the job numbers. The table below provides that comparison (all numbers in 000s, population and labor force are people 16 and over, seasonally adjusted).

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