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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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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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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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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I'm not sure this report convinces us that a recovery is underway in the labor market in any big way.
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These numbers reveal a labor market that's not bouncing back quickly enough to absorb new entrants along with the people laid off during the downturn.
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A number of other reports suggest the labor market is finally hitting its stride, one weekly claims number is not enough to undermine that conclusion.
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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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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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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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This doesn't look like a significantly different report than we've gotten in past months, but that's significant in itself. The labor market is clearly stuck in neutral.
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This could mean that the labor market is another area coming on line in the nation's 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.