These Eight States Still Haven’t Regained All Their Lost Jobs

Rhode Island hit a long-awaited milestone this year. The Ocean State finally has more jobs than it did before the nation tumbled into recession last decade. But nonfarm payrolls in June still lagged high-water marks set in 2008 or earlier in eight states struggling against headwinds like population loss and the manufacturing sector’s long-term decline: Alabama, Connecticut, Illinois, Michigan, Mississippi, New Mexico, Ohio and Wyoming. At the same time, unemployment rates were at all-time lows in six states, a mix of regions that are experiencing strong growth and other places with slower job gains and possible worker outflowsArkansas, California, Colorado, North Dakota, Tennessee and Washington. Records for state unemployment rates go back to 1976. The U.S. as a whole appears to be at or near what economists consider full employment. But the latest data highlight the uneven state of local labor Continue reading "These Eight States Still Haven’t Regained All Their Lost Jobs"

These Eight States Still Haven’t Regained All Their Lost Jobs

Rhode Island hit a long-awaited milestone this year. The Ocean State finally has more jobs than it did before the nation tumbled into recession last decade. But nonfarm payrolls in June still lagged high-water marks set in 2008 or earlier in eight states struggling against headwinds like population loss and the manufacturing sector’s long-term decline: Alabama, Connecticut, Illinois, Michigan, Mississippi, New Mexico, Ohio and Wyoming. At the same time, unemployment rates were at all-time lows in six states, a mix of regions that are experiencing strong growth and other places with slower job gains and possible worker outflowsArkansas, California, Colorado, North Dakota, Tennessee and Washington. Records for state unemployment rates go back to 1976. The U.S. as a whole appears to be at or near what economists consider full employment. But the latest data highlight the uneven state of local labor Continue reading "These Eight States Still Haven’t Regained All Their Lost Jobs"

Snapshot of Jobs Malaise

Very cool interactive graphic from Axios: “The U.S. is in the third-longest economic expansion in post-war history. There are more jobs, but wages have been a sore spot: since the financial crash, the typical American’s earnings have barely grown when you account for inflation. To track this dynamic over time, I worked with Jed Kolko,… Read More The post Snapshot of Jobs Malaise appeared first on The Big Picture.

Snapshot of Jobs Malaise

Very cool interactive graphic from Axios: “The U.S. is in the third-longest economic expansion in post-war history. There are more jobs, but wages have been a sore spot: since the financial crash, the typical American’s earnings have barely grown when you account for inflation. To track this dynamic over time, I worked with Jed Kolko,… Read More The post Snapshot of Jobs Malaise appeared first on The Big Picture.

Videogames Might Be Keeping Young Men Out of the Workforce

America’s young men are increasingly giving up on work in order to slay virtual aliens and fight videogame wars, new research suggests. Academics from Princeton University, the University of Chicago and the University of Rochester say there’s ample evidence that since 2000, men who would otherwise be working are instead being drawn into immersive virtual worlds, giving up paychecks in the process. What’s more, these men are reporting higher levels of happiness compared with those who work, and they’re drawing on the support of mom and dad to stay there. The paper warns these men’s absence from the labor force is likely to negatively affect their employment and earnings prospects for the rest of their lives. The paper’s authors note that 15% of younger men who weren’t students didn’t work in the prior year as of 2016, a notable increase from the 8% who didn’t work in 2000. The rise of Continue reading "Videogames Might Be Keeping Young Men Out of the Workforce"

Job Openings Dropped in May as Hiring Rate Increased

The pace of hiring rose in May while the number of job openings dropped but remained near a record level, the latest sign that the labor market has continued to exhibit signs of strength in the second quarter of the year. The hiring rate climbed to 3.7%  in May from 3.5% the prior month, according to the Labor Department’s monthly Job Openings and Labor Turnover Survey, known as Jolts. May’s figure remains below the hiring rates that were reached in late 2015 and early 2016.  There were about 5.7 million job openings at the end of May, down from about 6 million at the end of April. About 5.3 million people left a job, and 5.5 million people were hired in May. Both numbers were up from April. The Jolts report was once a widely-watched labor market indicator, but has generated less interest in Continue reading "Job Openings Dropped in May as Hiring Rate Increased"

Jobless Rates for Hispanic and Black Workers Fall to Historic Lows

A long, if unspectacular, economic recovery appears to be paying dividends for two groups that disproportionately suffered in the wake of the Great Recession. The unemployment rate for Hispanic or Latino workers fell to 4.8% last month, the lowest level on records back to the 1970s. The rate for black Americans was 7.1%, the second-lowest monthly rate, bested only by April 2000’s 7% reading, according to the Labor Department. The decline in unemployment for blacks and Hispanics comes with a significant caveat: Both June lows are higher than the 3.8% rate for whites, and the 4.4% overall rate. Still, low joblessness is a sign that the recovery, featuring 81 straight months of job gains, is reaching groups that experienced a harsher recession than white and Asian workers. Overall unemployment touched a recent peak of 10% in October 2009. Black unemployment reached 16.8% in March 2010. Hispanic unemployment Continue reading "Jobless Rates for Hispanic and Black Workers Fall to Historic Lows"