Jared Bernstein
Jared Bernstein
Jared Bernsteinis a Senior Fellow at the Center on Budget and Policy Priorities. From 2009 to 2011, Bernstein was the Chief Economist and Economic Adviser to Vice President Joseph Biden in the Obama Administration. Bernstein's appointment was considered to represent a progressive perspective and "to provide a strong advocate for workers"...
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I've been pretty happy to see the pace of job growth in professional services.
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These results reveal the breadth of the unprecedented gap between the pace of overall economic progress and the returns to working people.
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People think unemployment is still relatively low, but there's all the difference in the world between a tight labor market and a weak one when you're talking about employees' ability to bargain for a fair share of growth.
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Our expectations have been pretty diminished. A good month used to be 300,000 more jobs and now it is 200,000.
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Enough people said exactly that ? I tend to believe them.
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These are workers who have the weakest bargaining leverage and are most likely to be exploited, particularly in a period where you have a weak labor demand and a large labor supply.
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A fundamental principle of our economic system is that the benefits of economic growth will flow to those responsible for their creation. When how fast your income grows depends on your position in the income scale, this principle is violated. In that sense, today's unprecedented gap between the growth of the typical family's income and productivity is our most pressing economic problem.
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Folks at the top of the income scale definitely notice when they're paying $3.50 a gallon for gasoline. But for them, that doesn't necessarily mean they are going to have to cut back elsewhere, ... Younger families have lower incomes.
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Folks are coming back into the labor market, but they're not finding jobs there. The tepid pace of job growth was too low to keep unemployment from rising. We're looking at a fairly weak recovery, at least initially.
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A lot of economic indicators are up. But there are a lot of people in the economy who are still down.
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American companies really haven't been sinking much of their gains back into domestic investment.
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There were close to 200,000 jobs cut in the past couple of months, making them the worst two months of last year. The jobless recovery is not only lingering, it's deepening.
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This is what a healthy job market looks like ? we just haven't seen it for a long while, so it makes inflation hawks nervous.
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This is very much the type of job report you would expect coming off a strong quarter.