Thursday, November 20, 2014
The State of the U.S. Labor Market: Pre-October 2014 Jobs Release
https://www.americanprogress.org/issues/economy/news/2014/10/02/98227/the-state-of-the-u-s-labor-market-pre-october-2014-jobs-release/ DUE 24 NOV 2014. What does it mean "not in the labor force"(use economic understanding)? Who is working, who is not, and why? What is the average weeks unemployed and what is happening to this number?? What does the declining real wages data show about the overall economy?
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When the article talks about those who are "not in labor force", it is referring to and means people who are unemployed and not currently working. Those in the labor force are those who are working and employed. People who are working are those who have found a job and those who are not working are baby boomers that have age and retiring and those unable to find work.
ReplyDeleteThe average number of weeks unemployed is seven and a half months, which is almost double what is was before the recession. But it is sharply declining from its post recession peak. There are 3 million people who have been unemployed for at least half a year. We have to look at it like supply and demand determines wages. The Employment Cost Index, a more complete measure than basic hourly wage growth, shows a falling or flat real wages since the recession. The lack of wage growth means the amount of slack in the market is still considerable. Data recently taken show that we are heading in the right direction but not fast enough.
The article referenced that those who are "not in the labor force" are unemployed individuals who are currently not working. Those who are "in the labor force" are the employed and working individuals. The unemployed are considered as population growers or "baby boomers" while the working force/employed are locating or has found a job already.
ReplyDeleteBased on the article, the average unemployed individual does not work for about seven and a half months. The study later shows that during a recession the amount of time is doubled for the unemployed. Although the recent recession had occurred not long ago, the time period/rate is declining/decreasing over time since the previous recession. The Employment Cost Index details a fall or flat for real wages since the recession. Overall, the decline in wage growth illustrates that the market is heading towards to right direction, but not at the fastest recovery time.
The article states “not in labor force” it refers to the people without jobs, both those who are unemployed, can’t find a job and those who are retired. The other hand there are this working set of people who have jobs. The average weeks unemployed is the amount of time someone which out work will be without work. The average An individual who is unemployed will be unemployed for seven and a half months Its is slowly declining from the most recent recession we have had. The declining real wages data shows that the economy is returning to a more healthy state but not nearly as fast as it should be.
ReplyDeleteWhen the article references "not in the labor force" it is referring to those individuals that are currently unemployed and those that do not want to work. The "in the labor force" individuals are those that are employed and working. Most of the "not in the labor force" people are adults from the baby boomer era that are currently retiring and are causing a decline in the labor-force participation.
ReplyDeleteThe average weeks an unemployed person remains unemployed, according to the article, is 30 weeks, or 7 and a half months, which is almost double what is was before the great recession hit us. While this number is still extremely high, it is declining from its post recession peak.
The declining real wages shows that the economy is still slacking. We want to see a labor market with increasing job growth which in turn will increase wages, however, that is not what is happening. Wages are remaining stagnant and in some cases declining which is very unhealthy for our economy.
The labor force consists of all of those who are employed or unemployed but seeking employment. It does not include children, retirees, or unemployed individuals who are not actively seeking employment. Usually, the labor force consists of people aged 25-55 because those are their prime working years. However, growing numbers of individuals in the 25-54 year old range are exiting the labor force. Labor force participation is as low as it was in the 1970s. Since the unemployment rate only looks at those who are actively seeking work, as more people leave the labor force, the unemployment rate decreases. This gives a false sense of economic improvement. The average length of unemployment is about seven and a half months, which is nearly double the length of time prior to the recession. While this number has been declining since its peak in 2008, it is still extremely high. Millions of workers who remain in the labor force have been unemployed for over a year. Real wages have also been declining or remaining the same since the recession. The employment cost index shows a more complete representation of wage growth and it hasn't improved. This suggests there is a large amount of slack in the economy. The economy is headed in the right direction, but not fast enough.
ReplyDelete“Not in the labor force” means, straightforwardly, those who are currently unemployed. This doesn’t just mean those that are between jobs, but also retirees and also those with disability that receive help from the government (social security, etc). It also includes those “looking for work but cannot find it.” They may also be doing work under the table or cash-work, bypassing economics statistics.
ReplyDeleteLabor force participation has declined, explained by the Baby Boomers who left. Most people not working are these Baby Boomers – retirees – though this is hard to support completely due to a “postrecession trend among 25- to 54-year-olds.”
31.7 weeks (7 and a half months) are spent unemployed and has doubled since before the recession. It looks to be – at least, long-term wise – increasing, but has declined recently with the postrecession. Looking at the ECI (employment cost index), there is a fall in the real wages since the recession. This shows a slow but steady recovery for wage earners. An increasing labor market would obviously stimulate growth – and this, in the postrecession, is taking a good amount of time to occur.
Those that are “not in the labor force” are those that are not currently employed and are not looking for work. It was originally believed that the population not part of the labor force was the aging Baby Boomer generation that have gone into retirement. However the amount of Baby Boomers not in the labor force is similar to the amount of those aged 25 – 54, or in their prime working years, so it isn’t just the Baby Boomers out of the labor force. Currently those recorded as “not in the labor force” are those not looking for a job, however there are those that have worked recently but are now out of the job and not looking and those that work part time but would prefer to work full time. The average amount of weeks for someone to be unemployed is about 30 weeks, this number is double what it was before the recession. This declining real wages data shows that there are things that can be done to decrease the unemployment rate and policymakers aren’t doing enough.
ReplyDelete"Not in the labor force" refers to those who are unemployed and not currently working. The “Labor force” refers to those who are employed and currently working. The “not in the labor force” category is significantly made up of baby boomers, as they are retiring from their jobs more and more. The average weeks unemployed is about 30 or 7 and a half months. This number is sharply declining from its peak that came with the great recession. The declining real wages data show about the overall economy that there is a recovery for wage earners; it’s slow, but constant.
ReplyDeleteWhen someone is “not in the labor force’ it means that they are currently unemployed and are not on the search for work. Those who are in the labor force currently are not in search for work and are employed. It was believed that the ones who are currently unemployed are the baby boomers that have gone into retirement. Surprisingly enough the labor force is comprised of 25-55 year olds that are in their prime working years. But when it comes to 24-54 year olds in our current time, most are leaving the work force bringing down the labor force participation down as low as it was in the 1970s.
ReplyDeleteAccording to the article, the average weeks of unemployment that someone spends is about 31.7 weeks, which is about double as it was before the recession. This number appears to be declining overall ever since the post recession. The Employment Cost Index shows a falling or flat real wages since the recession and this, overall, points to a beneficial direction for the U.S. economy.
In the article, “not in the work labor force” means that there are people who are currently unemployed and have no motivation to work. The people who are considered “working” would be the ones employed while the people considered “not working” are the ones unemployed. In other words, people “working” are the ones who have some type of job and the people “not working” are the ones who do not want to seek out work, do not have a job, or are baby boomers who are now retired.
ReplyDeleteThe average number of weeks a person is unemployed would be around 30 weeks or 7 and ½ weeks. Since the United States economy is considered to be in a recession, this number of average weeks for a person being unemployed would have to be doubled. Now with the declining real wages data, it shows that real wages have either declined or remained constant over the recent recession. Also, the Employment Cost Index represents the wage growth and has shown that there has been no improvement. With this, the economy is shown to being more lackadaisical. Yet, there is a recovery seen for the employed workers which gives off positive signs for the U.S. economy in the future.
The labor force consists of all of those who are employed or unemployed but seeking employment. It does not include children, retirees, or unemployed individuals who are not actively seeking employment. Usually, the labor force consists of people aged 25-55 because those are their prime working years. However, growing numbers of individuals in the 25-54 year old range are exiting the labor force. Labor force participation is as low as it was in the 1970s. Since the unemployment rate only looks at those who are actively seeking work, as more people leave the labor force, the unemployment rate decreases. This gives a false sense of economic improvement. The average length of unemployment is about seven and a half months, which is nearly double the length of time prior to the recession. While this number has been declining since its peak in 2008, it is still extremely high. Millions of workers who remain in the labor force have been unemployed for over a year. Real wages have also been declining or remaining the same since the recession. The employment cost index shows a more complete representation of wage growth and it hasn't improved. This suggests there is a large amount of slack in the economy. The economy is headed in the right direction, but not fast enough.
ReplyDeletePeople who are unemployed or are not working are considered to be not in the labor force. Those who are in the labor force are the people that are employed and are contributing to the economy. When the economy is doing well more people enter the labor market because more jobs are available. The labor force has been declining because as baby boomers age more Americans are going into retirement. The average length of someone who has been unemployed is seven and a half months and there are three million Americans who have been unemployed for half a year or longer. During a recession the amount of time for average unemployment is doubled. The declining real wage rate shows that the economy is improving and is likely to go up after the recent recession.
ReplyDelete"Not in the labor force" refers to people who are currently unemployed and are not actively looking for a job. Those working are typically 25-54 years old. Many baby-boomers are not working because they have reached retirement age. Individuals in the 25-54 age group have also been exiting the work force.
ReplyDeleteThe average number of weeks unemployed is about 32 weeks or 7 and a half months. This number is down from its post recession peak, however, it is still nearly 50 percent greater than its pre-recession record level. Along with this facts, around 3 million Americans have been unemployed for six months or longer and 33 % of unemployed people are part of the long-term unemployed category.
The declining real wages data shows that there is a lack of growth. This means that there is still a lack of activity for wages. The economy is improving but at a slow rate.
When the article talks about those who are "not in labor force", it's referring to the people who are unemployed. Those working are typically 25-54 years old. Many baby-boomers are not working because they have reached retirement age. Individuals in the 25-54 age groups have also been exiting the work force. The average week’s an unemployed person remains unemployed, according to the article, is 30 weeks, or 7 and a half months, which is almost double what is was before the great recession hit us. The declining real wages data shows that there are things that can be done to decrease the unemployment rate and policymakers aren’t doing enough.
ReplyDeleteThe article talks about those who aren't included in the labor force, in order for one not to be in labor force you have to be unemployed and not looking for a job. Two types of people that fall in this category are children and those who have retired. Those best fit to work or the prime time to work according to the article is 25-54. This number makes it difficulty to figure out why there are so many people not working.The length of unemployment or the time one spends looking for a job is around seven and a half months. The declining real wage data is bad for the overall economy because if consumers are earning less then they will be spending less making bushiness go under and create even more job lost. As the article puts it " The lack of wage growth means the amount of slack in the market is still considerable."
ReplyDeletethose that are not in the labor force are people who are unemployed and not looking for work, the retired, and children. the labor force consists mostly of people ages 25-54, but the baby boomers retiring has shown that the people from ages 25-54 are leaving the workforce, not the elderly. Around seven and a half months is the average time someone is unemployed and looking for a job. This time was double the amount before the recession hit, but now the time spent unemployed is slowly decreasing. Although we are now increasing our economic growth, the real wages growth shows that we are not increasing fast enough, and that the "slack in the market is still considerable".
ReplyDeleteThe people who are not in the labor force are people who are not actively seeking employment. these people could be new retirees or people who just give up looking for a job. This leads to the unemployment rate falling for the wrong reasons, instead of the unemployment rate falling because people are getting new jobs, but instead people are just giving up which is not good for the economy and why unemployment rate is a bad measurement for the economy. One reason for the drop in unemployment rate is baby boomers are choosing an earlier retirement rather than try to find a new job. The average weeks of unemployment is seven and a half months and this number is continuing to rise which is also a bad sign for the economy. The dealing real wage is bad for the economy because people are making less which in turn will mean less money spent which creates an endless cycle of lower wages.
ReplyDeleteThose that are not in the labor force are the people who are not currently working and that are looking g for jobs. Basically meaning the people with no source of income. The baby boomers are showing us that the elderly are not the ones leaving the workforce but in fact that younger people are. People at usually stuck looking for jobs go about 7months. This is because the wages for most jobs are very low causing people to get upset with their income. By having low wages people aren't able to spend money which is making the economy worse. The declining real wage data shows the worsening of the economy because by paying less, the peope spend less causing a loop of loss of jobs.
ReplyDeleteThose that are not currently employed or aren’t looking for work are known as people “not in the labor force.” There has been theories to suggest that the reason for a decline in the workforce was instigated by the Baby Boomer years, which have waned to retirees; however, it has been found that people between 25 and 54 have been exiting the work force persistently as well (contradicts this theory).
ReplyDeleteThe average length of unemployment is roughly 7 ½ months, which has gone up long-term and shows signs of decrease in the post-recession. It is double that of prerecession, however. The declining of real wages data has shown this stagnation in economic growth through the labor force, which basically means that – while there is improvement in wages – it is going at a very slow rate that produces little stimulation for our economy.
Those described at being “not in the labor force” are the people who are currently unemployed as well as not actively searching for for work. This commonly includes those who have been unemployed for an extended period of time or those who have become retired (I’m looking at you, Meachum). The general age gap includes those from 25 to 54, as the age of baby boomers are reaching their retirement. The average length of time one is unemployed total a rounded number of seven and a half months. This number is increasing and some blame this on lack of hope when other believe it is the dissatisfaction with recent wages. These patterns lead to a lack of spending, in turn causing even less jobs, resulting in a downward spiral of economic downfalls.
ReplyDeleteThose who are not in the labor force are typically people who are currently unemployed or people who are unable to work. Decline in the workforce has been attributed by Baby Boomers, who retire from their jobs at an increasing rate. Yet, people between the ages of 25 to 54 have also been leaving the workforce, therefore making the Baby Boomer theory difficult to support.
ReplyDeleteThe average length of time unemployed is approximately 7 ½ months, which is slowly decreasing. The declining wages show that while there are improvements, the rates increase at a very slow and constant rate that does very little for the economy.
People who are "not in the labor force" are those who have no job and are not looking for one. This category would consist of children and retired people. Individuals typically are employed when the economy is doing well and there are more jobs available. The labor-force participation rate has declined steadily since the end of the recession. People who are employed are those between the ages 25-54 because they are in their prime working years. Individuals who are unemployed are baby-boomers who are now retired. Also those who are 25-54 years-old and are exiting the work force. The average weeks unemployed is 7 and a half months. This number has declined from its post recession peak. The declining real wages data shows how bad it is for the overall economy, lack of growth.The lack of wage growth means the amount of slack in the market is still considerable, according to the article.
ReplyDelete“Not in the labor force” refers to people who are unemployed and not actively seeking a job. The decline in the labor-force has been attributed to the Baby Boomers as they age and enter retirement. However, figure two depicts a similar trend among civilians aged 25 to 54 supporting retirement not entirely accountable for low labor-force participation. The labor force consists of people who are currently employed and working.
ReplyDeleteThe average length of weeks unemployed amounts to 31.7, nearly double before the recession. Albeit a decrease in the amount of weeks compared to during the peak of the recession, it is not the most favorable situation. The declining real wages data, measured by the Employment Cost Index, shows a falling real wages since the recession. There is evidence of rising real compensation, but it is not convincing as it does not ensure rapid economic growth.
Those that are “not in the labor force” are those that are not currently employed and are not looking for work. It was seen that the population not part of the labor force was the aging Baby Boomer generation that are now into retirement, But the amount of Baby Boomers not in the labor force is similar to the amount of those aged 25 – 54, which are the prime working years, so it isn’t just the Baby Boomers out of the labor force. Now those recorded as “not in the labor force” are those not looking for a job, but there are those that have worked recently but are now out of the job and not looking and those that work part time but would prefer to work full time. The average amount of weeks for someone to be unemployed is around 30 weeks, which is double what it was before the recession. This declining real wages data shows that there are things that are able to be done to decrease the unemployment rate and policymakers can do more to make up for it.
ReplyDeleteThe labor force in America consists of the people who are either employed or are looking for work. It only counts people ages 25-55 and does not include children or the elderly. Since the unemployment rate only looks at the people who are actively seeking work, it continues to decrease because more people are leaving the labor market. This is giving a false notion of economic improvement. Labor force participation is as low as the 1970's rate. The average length of unemployment (7.5 months) is twice as along as the rate before the recession (3.7 months). Although the number has been decreasing since its zenith in 2008, it is still considered very high. Millions of people who remain in the workforce have been unemployed fore more than 12 months. Real wages have also been declining since the recession in 2008. The employment cost index is a useful tool to measure wage growth and it hasn't improved. This fact suggests that there is a large amount of slack in the economy.
ReplyDeleteWhen the article talks about those who are "not in labor force", it is referring to people who are unemployed and not currently working. Those in the labor force are those who are working and employed. People who are working are those who have found a job and those who are not working are baby boomers that have age and retiring and those unable to find work.
ReplyDeleteBased on the article the average number of weeks unemployed is seven and a half months, which is almost double what is was before the recession.The Employment Cost Index shows a falling or flat real wages since the recession and this, overall, points to a beneficial direction for the U.S. economy.
The labor force refers to those that work. Those who are not in the labor force are the unemployed. The baby boomers and the ones who cannot find work make up the unemployed. The baby boomers end up retiring.
ReplyDeleteThe average wait between employment is 7 and a half months, but the number is decreasing with expansion.
People who aren't in the labor force are those who are currently unemployed and aren't currently looking for employment either. The workforce consists of people who are employed or are looking for just that, in their working ages.
ReplyDeleteThe people who aren't working are the baby boomers and people who obviously can't find work. The people who are working are the opposite of those people.
The average number of weeks that people unemployed is 7 1/2 months and that is double the amount it was in the time period before the recession.
The employment Cost index is the tool that helps to show the wages since the recession. This shows that the economy is moving in the right direction.