Posts Tagged ‘employers
01
Oct
16
Early Bird Chat
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Hale Stewart: The Recovery In The Labor Market Is The Best In 25 Years
Every month we read stories about what a poor labor market recovery this has been. The latest articles were from Profs. Brad DeLong and Menzie Chinn. I respectfully disagree. With few exceptions, people don’t get a job for social reasons. They go to work each day in order to earn money to purchase necessities, discretionary goods, and to save for future needs. In short, they work because of cold, hard cash. Next, let’s compare two economies that both create 1 million 40 hour a week jobs, but one pays $10/hour and the other pays $12/hour. Clearly the second economy is better. It is paying workers 20% more than the first.
Finally, let’s compare two economies that create 1 million 40 hour a week jobs at $10/hour. In the first economy, there are 3% annual raises, but inflation is rising 4%. In the second, there are 2% annual raises, but inflation is rising 1%. Again, even though the second economy is giving less raises, it is the better one — those workers are seeing their lot improve in real, inflation-adjusted terms, whereas the workers in the first economy are actually losing ground. In other words, the best measure of a labor market recovery is that economy which doles out the biggest increase in real aggregate wages. The bottom line is that, measured 5 years and 11 months out from the bottom, this labor market recovery has been the third best of the 7 expansions, behind the 1960s and 1980s
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The recovery in the labor market is the best in 25 years read.bi/1GjdXOe / but what has Obama done for me today???
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BWD (@theonlyadult) June 14, 202512.8 million: That's how many jobs our businesses have added over 64 months of growth—the longest streak on record. http://t.co/esO8lCEJGK
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Vice President Biden (@VP) July 02, 2025
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Josh Zumbrun: Job Openings At 14-Year High As Hiring Returns To Pre-Recession Levels
For the first time since January 2001, the U.S. had more than five million job openings at the end of December, a sign of a labor environment shifting in favor of workers. December was also the best month for hiring since before the recession struck more than seven years ago. More than 5.1 million people were hired in December, the most since November 2007, according to the Labor Department‘s Job Openings and Labor Turnover Survey, known as JOLTS.
The report adds to signs that the labor market is strengthening considerably. The Labor Department’s main jobs report, released on February 6, showed that November, December and January comprised the best three-month stretch of hiring since 1997, raising hope that the U.S economy will start delivering stronger wage growth for a wider swath of Americans after more than five years of sluggish recovery from a deep recession.
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Job openings are at a 14-year high as hiring returns to pre-recession levels on.wsj.com/1ILN5uq http://t.co/mUNJ7glTG1
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Real Time Economics (@WSJecon) February 10, 2025
President Barack Obama signs a Presidential Memorandum directing Labor Secretary Tom Perez to modernize overtime protections. He is bypassing Congress and ordering changes in overtime rules so employers would required to pay millions more for extra time they put in on the job.
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White House.gov