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Happy Days Are Not Here Again
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This Journal editorial looks into the jobs numbers for September 2012 that showed unemployment decreasing to 7.8% according to the household survey. By taking the numbers as they are in the Labor Dept. surveys and setting aside skepticism it provides useful insights into the condition of the labor market. It cites the reason for some of the skepticism about the numbers- the 873,000 jump in employment shown by the household survey which looks at 60,000 households. It is the largest increase in employment for one month in 30 years says the Journal. The household survey finds that 582,000 of the 873,000 jobs are "part-time for economic reasons" in the survey's words. The number of part-time workers for economic reasons went up from 7.7 million in March 2012 to 8.6 million in September 2012. This also returns the focus on U-6 the measure of unemployment that Fed chairman Bernanke and experts looks at. This has remained the same for Sept. at 14.7% and includes the number of people working part-time who cannot find full time work. Another useful statistic for insight into the labor market is the decline in household incomes. Studies of Census data show a $4019 decline in median household income from Jan 2009 to June 2012. And the long term unemployed represent about 40.7% of the employed in recent data, an unusually high number that worries Mr. Bernanke. By looking at the broader picture one can get a better sense of the labor market.
High unemployment and declining wages in the U.S.: 2010-2012
01/01/2010
Grouped Articles
OECD report cites rising income inequality - The Washington Post
Washington Post 12/06/2011
Wall Street Journal 08/12/2013
No longer the land of opportunity - The Washington Post
Washington Post 01/05/2012
Recovery Has Created Far More Low-Wage Jobs Than Better-Paid Ones
New York Times 04/27/2014
The world economy: Wealth without workers, workers without wealth
Economist 10/06/2014
Falling Wages at Factories Squeeze the Middle Class
New York Times 11/20/2014
Declining U.S. Labor Force Participation Rate for 2010-2016 and its implications for unemployment and economic growth
06/06/2009
Grouped Articles
Job Growth Eases Fears About Effect of Closing
New York Times 11/08/2013
Candid Criticism for Fed That Wasnât on the Agenda
New York Times 11/08/2013
Confronting Old Problem May Require a New Deal
New York Times 01/28/2014
More Men in Prime Working Ages Don't Have Jobs
Wall Street Journal 02/06/2014
New York Times 04/05/2012
Takeaways From the Monthly Jobs Report
Wall Street Journal 04/05/2014
High U.S. unemployment and the haphazard effort for jobs retraining in the U.S. - 2009-2013
06/06/2009
Grouped Articles
Jamie Dimon’s harried JPMorgan Chase pushes campaign for worker training - The Washington Post
Washington Post 01/03/2014
Confronting Old Problem May Require a New Deal
New York Times 01/28/2014
Bayer: Pressure on Prices Has Bad Side Effects
Wall Street Journal 02/07/2012
Piecing Together the Job-Picture Puzzle
Wall Street Journal 03/12/2012
Stuck at Unemployed: When A Layoff Becomes a Lifestyle
Washington Post 06/06/2009
The world economy: Wealth without workers, workers without wealth
Economist 10/06/2014
Foreclosures and unemployment in the U.S.
05/04/2009
The Obama administration foreclosure relief programs were designed for subprime lending situations and not for the high unemployment. As a result few unemployed homeowners have benefitted.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
New York Times 06/02/2009
Looking back: An assessment of the management of the U.S. economy in Obama's first term 2008-2012
03/11/2009
Why were significant resources not invested to aid homeowners under water just as resources were provided to the auto industry? And why was there a lack of focus on unemployment in this period? The challenges were difficult but did the Obama administration do what could have been done. The auto industry bailout was an easy call considering Obama's commitment to increasing fuel efficiency during his days in Congress. Housing was a tougher call with bankers cautious and influencing policy, yet even Republicans Martin Feldstein and Sheila Bair were calling repeatedly for strong action. Tackling housing first and healthcare later after economic recovery, is likely to have produced better results, credibility for the administration, and a broad consensus in the U.S.
Grouped Articles
Washington Post 09/06/2011
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
U.S. Remaining Stake in General Motors
Wall Street Journal 12/10/2013
Auto Makers Rebound as Buyers Go Big
Wall Street Journal 01/04/2014
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
Obama, Geithner Get Low Grades From Economists
Wall Street Journal 03/11/2009
National Federation of Independent Business Surveys of Small Business- the hiring prospects in 2011-2012
06/14/2011
The U.S. jobs picture and prospects for reducing unemployment depends significantly on a pickup in hiring by small business. The May 2011 survey of the NFIB shows prospects for hiring were not good in 2011-2012 based on comments by small business owners about hiring prospects. The outlook was better for large companies in a CEO Business Roundtable survey.
Grouped Articles
Small Businesses Anticipate Breakout Year Ahead
Wall Street Journal 01/01/2014
Hiring Slowdown Seen for Small Business
New York Times 06/14/2011
For Small Businesses, Recession Isn't Over
Wall Street Journal 07/06/2011
CEOs in Their Own Words: Don't Plan on Much Hiring
Wall Street Journal 07/27/2011
Small Businesses Fear Fiscal Cliff Awaits at Year-End
Wall Street Journal 10/03/2012
Wall Street Journal 10/07/2012
Unemployment and partime unemployment in the U.S. economy 2008 and beyond.
04/18/2008
How unemployment is shaping up and how the underutilization rate and partime employment is changing the picture of employment in the USA.
Grouped Articles
Stuck at Unemployed: When A Layoff Becomes a Lifestyle
Washington Post 06/06/2009
Workers Get Fewer Hours, Deepening the Downturn
New York Times 04/18/2008
Many Hispanics Are Hit Hard by Economic Slump
New York Times 05/13/2008
A Hidden Toll on Employment: Cut to Part Time
New York Times 07/31/2008
Retail Losses Sap a Jobs Safety Net
Wall Street Journal 11/11/2008
Labor Data Show Pain Across Economy
Wall Street Journal 11/08/2008
The U.S. job vacancy rate with 3.5 million openings in Feb. 2012 and the high unemployment rate showing a mismatch of skills
06/06/2009
Grouped Articles
The Next First (and Only) 100 Days
New York Times 12/10/2011
Stuck at Unemployed: When A Layoff Becomes a Lifestyle
Washington Post 06/06/2009
The world economy: Wealth without workers, workers without wealth
Economist 10/06/2014
On Jobs, No Time for a Celebratory Beveridge
Wall Street Journal 04/11/2012
The incredible shrinking labor force - The Washington Post
Washington Post 05/05/2012
U.S. Faces Uphill Battle in Retraining the Jobless
Wall Street Journal 07/31/2012
Unemployment in the U.S. for 3rd quarter 2012
05/05/2012
Grouped Articles
The incredible shrinking labor force - The Washington Post
Washington Post 05/05/2012
U.S. added 80K jobs in June as economy struggles - The Washington Post
Washington Post 07/06/2012
Wall Street Journal 08/03/2012
Number of the Week: Did U.S. Actually Shed 195,000 Jobs in July?
Wall Street Journal 08/04/2012
The Noise on Jobs Keeps Fed Guessing
Wall Street Journal 08/03/2012
Hiring Picks Up in July, but Data Gives No Clear Signal
New York Times 08/03/2012
Fragility of social cohesion in the U.S. with unemployment concentrated in the lower middle and working classes.
03/11/2009
Figures from the Center of Labor Market Studies of Northeastern University in Boston showing unemployment of 9% in the $40,000 to $50,000 annual household income group and going up to 31% at the lowest income group. Higher inequality as differences in education between lower income and higher income Americans grows. The problem of the long term unemployed is a serious one.
Grouped Articles
Wall Street Journal 09/14/2011
Japan Is a Model Not a Cautionary Tale
New York Times 06/09/2013
New York Times 06/22/2013
OECD report cites rising income inequality - The Washington Post
Washington Post 12/06/2011
U.S. Schools Chief Arne Duncan Labors to Straddle Political Divide
Wall Street Journal 07/22/2013
The Great Stagnation in American Education
New York Times 09/07/2013
Expert opinion on stagflation in the U.S. in 2011-2012
05/24/2011
High inflation and high unemployment in mid 2011. The effects of the Fed's quantitiative easing on emerging markets with the capital inflows into these countries and higher inflation. Other effects of zero interest rates being the lack of interbank lending.
Grouped Articles
Wall Street Journal 05/24/2011
Hiring in U.S. Slowed in May With 54,000 Jobs Added
New York Times 06/03/2011
Wall Street Journal 06/07/2011
Where Rents Go, Will Inflation Follow?
BusinessWeek 06/09/2011
Inflation Jump Undercuts Growth Prospects
Wall Street Journal 08/17/2011
Commodities Boom View Doesn't Budge
Wall Street Journal 08/17/2011
Aging, Retirement and 401(K)'s in America- 2010-2016
03/30/2010
The situation confronting the baby boom generation as it retires in the U.S. The stock market boom-bust cycles of 2000-2002 and 2006-2008 have hurt the 401(K) retirement accounts of most Americans. High unemployment and the housing crisis with many home owners under water has only worsened the situation. The difficult situation for seniors earning little interest on their savings. The problem of outliving ones savings for seniors with their money invested in bonds in a low interest rate environment. The median savings of Americans of close to $10,000 with only 10% of Americans having saved about $1 million by age 65. Longevity today means Americans are likely to live to age 85.
Grouped Articles
Big 401(k) Mistakes … and How You Can Avoid Them
Wall Street Journal 04/13/2013
Why Many Retirees Could Outlive a $1 Million Nest Egg
New York Times 06/08/2013
Suddenly, Retiree Nest Eggs Look More Fragile
New York Times 06/15/2013
Low Interest Rates Are Squeezing Seniors
Wall Street Journal 03/30/2010
Chuck Schwab Is Worried About Small Investors. Should We Worry Too?
BusinessWeek 05/27/2010
An About-Face for the Stock Market’s 5-Year Return
New York Times 02/15/2014
Low "churn" or job turnover and how it affects unemployment during 2011-2013
02/08/2012
Low rates of quitting jobs or "churn" in the labor force and the different recovery in the U.S. labor market in 2011-2013. A healthy quit rate promotes upward mobility according to economists Steve Davis and Janet Yellen.
Grouped Articles
Workers Shed Caution, in a Healthy Sign for Labor Market
Wall Street Journal 02/10/2014
Yellen’s Not on Team Krueger When it Comes to Inflation and the Unemployed
Wall Street Journal 04/16/2014
Yellen Goes on Road to Investigate Health of the Jobs Market
New York Times 10/16/2014
Sanders, Corbyn and the coming debate inside the Democratic Party - The Washington Post
Washington Post 09/13/2015
Wall Street Journal 02/08/2012
Piecing Together the Job-Picture Puzzle
Wall Street Journal 03/12/2012
Policy errors and lack of focus on unemployment and the economy of the Obama administration
04/04/2009
The focus on health care reform comes at the wrong time when when the U.S. economy and high unemployment were priorities that needed attention, say experts. Feldstein points elsewhere to the lack of attention to the housing crisis and reducing foreclosures through homeowner assistance. These errors of the Obama administration increased business uncertainty in the U.S. just as the eurozone crisis worsened.
Grouped Articles
Washington Post 09/06/2011
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
Geithner's Bank Plan Is a Good Start
Wall Street Journal 04/04/2009
Uncertainty and the Slow Recovery
Wall Street Journal 01/04/2010
Roseland, Where Obama the Politician Was Born
New York Times 08/15/2012
Washington Post 08/17/2012
The employment to population ratio for U.S. unemployment- 2011-2014
06/06/2009
The serious problem of the large number of long term unemployed persons in the U.S., very different from under any previous recession.
Grouped Articles
90 Million Americans Not Working
Wall Street Journal 10/23/2013
Confronting Old Problem May Require a New Deal
New York Times 01/28/2014
More Men in Prime Working Ages Don't Have Jobs
Wall Street Journal 02/06/2014
New York Times 04/05/2012
Wall Street Journal 04/05/2014
Hiring Rises, but Number of Jobless Stays High
New York Times 04/04/2014
The nature of unemployment in this U.S. downturn as men, young people and the less educated are the worst hit groups.
03/11/2009
In this US downturn men are hit harder than women with job losses in manufacturing and construction, the less educated hit hardest, and young people also hit hard.
Grouped Articles
New York Times 06/22/2013
Wanted: Jobs for the New 'Lost' Generation
Wall Street Journal 09/14/2013
Women Reach a Milestone in Job Market
Wall Street Journal 11/18/2013
Andy Grove: How America Can Create Jobs
BusinessWeek 07/01/2010
Wall Street Journal 10/02/2010
More Men in Prime Working Ages Don't Have Jobs
Wall Street Journal 02/06/2014
U.S. unemployment and foreclosures- 2011-2012
05/04/2009
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
New York Times 05/04/2009
New York Times 06/02/2009
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