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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Ultimately unemployment will peak somewhere around 6.2 or 6.3 percent,
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We've seen we can drive the economy at 4 percent unemployment with strong productivity gains. I won't be satisfied until we're back there. Many working families won't be either, I'd guess.
employment situation
The full employment situation reinforces itself.
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The bottom line is that it's better to run a workforce on security than insecurity.
looking recovery
We're looking at a recession/jobless recovery that's two years old to the day.
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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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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.
aggregate except figure great numbers posting record wage
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.
call focus report
Lawmakers need to focus on stimulus, and this report is really a wake-up call in that regard.