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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He talks about lending a helping hand to the poor and disadvantaged. But these policies push the other way, toward lower wages and less racial inclusion.
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This is a pretty negative report. The reason unemployment ticked down is the labor force contracted. That suggests fewer people are getting into the game, looking for work, and that kind of discouragement can lead to a lower unemployment rate.
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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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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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Maybe by the second quarter of next year, we'll be looking at some lower unemployment rate -- say in the 5 to 5.5 percent range, if we're lucky. But that would be the best to hope for, and it's based on our working through these excesses that persist.
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The weakness in the labor market is clearly reducing the growth of earnings, meaning consumers, most of who depend on their paychecks, are likely to remain insecure about where the economy is headed. This in turn has the potential to constrain consumption growth, limiting the boost that the economy will get from the recent tax cut, and delaying the arrival of a truly self-sustaining recovery.
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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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Explaining the unique characteristics of this unbalanced recovery is more like 'Murder on the Orient Express' than finding a smoking gun in somebody's hands. There are a lot of suspects.
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The economy's doing fine, except if you figure in working families, ... We're posting great numbers in aggregate demand, yet the lousiest on record for wage growth.
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The economy's doing fine, except if you figure in working families. We're posting great numbers in aggregate demand, yet the lousiest on record for wage growth.
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It's one thing to run faster in place when the rest of the economy is stagnating as well. But it cuts a little deeper when policymakers are telling you the economy is fine, and you are falling behind.
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These top line numbers suggest we are into what's beginning to look like a jobless recovery. We simply can't drive unemployment down if we're only adding 30 or 40,000 jobs. So, basically, we're looking at a situation where the recovery is calling, but the labor market isn't really picking up the phone.
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Lawmakers need to focus on stimulus, and this report is really a wake-up call in that regard.
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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.