It is often said that the economy is too simple for economists to understand. This is clearly the story with the continuing weakness of the job market and the trade deficit. We are still down more than 3 million jobs from our trend level even with May's strong growth.
Today's strong jobs report shows continued solid growth in payroll employment, and many other labor market indicators have recovered substantially since the Great Recession. Nevertheless, the Federal Reserve should not rush to raise interest rates but should test whether it can push unemployment lower.
Payrolls were up 280,000 last month in a better-than-expected jobs report, with employers adding jobs across almost all of the service industries and government. Positive revisions for April and May added another 32,000 to the payroll count. Analysts had been expecting around 225K jobs, so put May's initial print in the "upside surprise" column. The jobless rate ticked up slightly from 5.4 to 5.5 percent but for the right reason: more people joining the labor force. Average hourly wages were up 2.3 percent over the past year, a touch faster than in past months. All told, what I see in these numbers is a job market maybe, sorta, kinda starting to reach working people... six years into the recovery! So my message to the Fed: love it and leave it alone!
The fact is these unacceptably high rates of unemployment among Arab youth are due to many complex factors, including years of adverse economic conditions, misguided educational initiatives and outdated systems.
Yes, by all means, let's talk about inequality of opportunity for our kids because that's where it all starts. But let's also remember that those kids grow up, and when they do, it doesn't get easier. The scars of childhood last a lifetime.
If the Fed raises rates prematurely, it will be preventing most workers from sharing in the gains of economic growth. Instead of real wage gains, workers are likely to see their wages continue to stagnate, as they have done since the 2001 recession.
Losing Our Way is a book that will resonate with many thoughtful Americans who feel, like the author, that America has lost her way in this last half-century. That would be most Americans, actually: Two-thirds of the American public tell pollsters they feel the country is on "the wrong track."
In May, I continued my conversations with thought leaders from China to New York who sketched out for me the conflicting overlaps between creativity, innovation, reform and testing, and shared their efforts to create coalescence between them.
Even though the job market for new college graduates is better than it has been in recent years, there is still a vast amount of unemployment and underemployment among college graduates.
In a world recovering from an economic crisis and stressed by high unemployment rates, this job creation potential is an important consideration for policy-makers
I am reading "Daniel Patrick Moynihan, A Portrait in Letters of an American Visionary" edited by Steven Weisman. It is a good title because Moynihan was indeed a visionary.
In early February, the United Nations Economic and Social Council (UN ECOSOC) hosted the annual Youth Forum to discuss what it will take to transition from the Millennium Development Goals (MDGs) to Sustainable Development Goals (SDGs) and youth involvement in the process.
Robots have indeed eliminated a great deal of factory work and are rapidly moving on to product design, medical diagnostics, research, teaching, accounting, translating, copy editing, and a great deal more. Once-secure professions are no longer safe. From that, many economists conclude that we may just have to adjust to a high plateau of unemployment. That assumption is malarkey.
Some states make the needy jump through hoops. For their own good, of course...
On appearance, Kaira Villanueva seems to be an average sophomore student at Columbia University tracing her way through New York with a well-worn backpack, scratched-up MetroCard, and a youthful curiosity.
I've stated repeatedly that a massive amount of stimulus has been required to generate GDP growth of just 2.0%-2.5% annually since the end of the Great Recession (June 2009). We have further said that the removal or reversal of some of these stimulants will be a tough hurdle for the economy to overcome.