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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You need to create ever more jobs in order to absorb increases in the labor force as well as productivity gains.
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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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I'm definitely ready to believe that the rate of job loss has slowed and that soon we will be adding jobs. The question is, will we be adding enough to keep unemployment from rising?
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The main reason for that appears to be the fact that the job market has yet to generate the kind of increases in living standards you'd expect at this point.
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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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I think the fingerprints of a faltering job market are all over this report. We've got more people working, but they're failing to get ahead.
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Given the growth of the population and labor force and improvements in productivity, we need to be adding somewhere in the neighborhood of 150,000 jobs per month to nudge unemployment down.
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Of course there are jobs that few Americans will take because the wages and working conditions have been so degraded by employers. But there is nothing about landscaping, food processing, meat cutting or construction that would preclude someone from doing these jobs on the basis of their nativity. Nothing would keep anyone, immigrant or native born, from doing them if they paid better, if they had health care.
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(The) 43,000 new jobs is much too small a number to lower the unemployment number. The unemployment report underscores that the recovery is off to a slow start. The Fed will most certainly not raise (interest) rates in the near-term.
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Any large fall in labor force participation at this point suggests that the labor market is not growing out of recession, but rather that discouraged job seekers are giving up, or not beginning, their job search.
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I've been pretty happy to see the pace of job growth in professional services.
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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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The job market is slowly tightening. We are wringing out the slack. But we're only six months into a process that could take a year and a half.
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The jobless recovery remains with us, and the job machine is stuck in neutral at this point.