Assessing the Change in Labor Market Conditions


Book Description

This book describes a dynamic factor model of 19 U.S. labor market indicators, covering the broad categories of unemployment and underemployment, employment, workweeks, wages, vacancies, hiring, layoffs, quits, and surveys of consumers' and businesses' perceptions. The resulting labor market conditions index (LMCI) is a useful tool for gauging the change in labor market conditions. In addition, the model provides a way to organize discussions of the signal value of different labor market indicators in situations when they might be sending diverse signals. The model takes the greatest signal from private payroll employment and the unemployment rate. Other influential indicators include the insured unemployment rate, consumers' perceptions of job availability, and help-wanted advertising. Through the lens of the LMCI, labor market conditions have improved at a moderate pace of over the past several years, albeit with some notable variation along the way. In addition, from the perspective of the model, the unemployment rate declined a bit faster over the past two years than was consistent with the other indicators.




Assessing the Change in Labor Market Conditions


Book Description

The U.S. labor market is large and multifaceted. Often-cited indicators, such as the unemployment rate or payroll employment, measure a particular dimension of labor market activity, and it is not uncommon for different indicators to send conflicting signals about labor market conditions.




Assessing the Change in Labor Market Conditions


Book Description

This paper describes a dynamic factor model of 19 U.S. labor market indicators, covering the broad categories of unemployment and underemployment, employment, workweeks, wages, vacancies, hiring, layoffs, quits, and surveys of consumers' and businesses' perceptions. The resulting labor market conditions index (LMCI) is a useful tool for gauging the change in labor market conditions. In addition, the model provides a way to organize discussions of the signal value of different labor market indicators in situations when they might be sending diverse signals. The model takes the greatest signal from private payroll employment and the unemployment rate. Other influential indicators include the insured unemployment rate, consumers' perceptions of job availability, and help-wanted advertising. Through the lens of the LMCI, labor market conditions have improved at a moderate pace of over the past several years, albeit with some notable variation along the way. In addition, from the perspective of the model, the unemployment rate declined a bit faster over the past two years than was consistent with the other indicators.




Building America's Skilled Technical Workforce


Book Description

Skilled technical occupationsâ€"defined as occupations that require a high level of knowledge in a technical domain but do not require a bachelor's degree for entryâ€"are a key component of the U.S. economy. In response to globalization and advances in science and technology, American firms are demanding workers with greater proficiency in literacy and numeracy, as well as strong interpersonal, technical, and problem-solving skills. However, employer surveys and industry and government reports have raised concerns that the nation may not have an adequate supply of skilled technical workers to achieve its competitiveness and economic growth objectives. In response to the broader need for policy information and advice, Building America's Skilled Technical Workforce examines the coverage, effectiveness, flexibility, and coordination of the policies and various programs that prepare Americans for skilled technical jobs. This report provides action-oriented recommendations for improving the American system of technical education, training, and certification.




The Labor Market and Economic Adjustment


Book Description

This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.




Using Cross-state Variation to Assess the Potential for Additional Improvement in Measures of Labor Market Conditions


Book Description

While the national unemployment rate and the monthly change in payroll employment receive considerable attention among analysts seeking to assess the current state of the labor market, a broader range of labor market indicators are potentially also useful.




Labor Markets, Employment Policy, And Job Creation


Book Description

This clear, accessible volume provides a comprehensive overview of the ongoing debate over the determining factors of and key influences on employment growth and labor market training, education, and related policies in the United States. Drawing on the work of distinguished labor economists, the chapters tackle questions posed by job and skill demands in the "new high-tech economy" and explore sources of employment growth; productivity growth and its implications for future employment; government mandates, labor costs, and employment; and labor force demographics, income inequality, and returns to human capital. These topics are central concerns for government, which must judge every prospective policy proposal by its effects on employment growth. Washington keeps at least one eye firmly on the jobs picture, and public officials at every level are constantly aware of the issues surrounding American job security. The jobs issue reaches beyond this focus on the unemployment rate and on total employment, including the rate at which employment is seen as growing, the growth of real wages, the security of employment, returns to human capital, uncertainty about the education and training best suited for a world of rapidly changing economic conditions, and the distribution of the gains from growth across economic classes and population groups.




Health and Safety Needs of Older Workers


Book Description

Mirroring a worldwide phenomenon in industrialized nations, the U.S. is experiencing a change in its demographic structure known as population aging. Concern about the aging population tends to focus on the adequacy of Medicare and Social Security, retirement of older Americans, and the need to identify policies, programs, and strategies that address the health and safety needs of older workers. Older workers differ from their younger counterparts in a variety of physical, psychological, and social factors. Evaluating the extent, causes, and effects of these factors and improving the research and data systems necessary to address the health and safety needs of older workers may significantly impact both their ability to remain in the workforce and their well being in retirement. Health and Safety Needs of Older Workers provides an image of what is currently known about the health and safety needs of older workers and the research needed to encourage social polices that guarantee older workers a meaningful share of the nation's work opportunities.







From One Job to the Next


Book Description

This four-chapter book explains how the structure of job opportunities in the United States has changed over the past 20 years as the economy has changed from goods production to service employment; it links such changes to the issues of displacement policy and worker mobility. It is intended to contribute to the formation of policies and programs designed to help workers adjust to economic change. The first chapter outlines changes in the structure of job opportunities and assesses their effect on the post-layoff adjustment process of displaced workers and policies to facilitate it. Chapter 2 focuses on how the structure of job opportunities in the United States has changed in the recent past, explaining the issues and problems these changes may pose for successful worker adjustment. Analysis was made through data supplied by the March Work Experience Supplements to the Current Population Survey (CPS). Chapter 3 assesses the manner in which displaced workers have responded to changes in the structure of jobs and the implications that emerge for program policy. Data used were obtained from the January 1986 Dislocated Worker Supplement to the CPS. The final chapter draws together the conclusions from the analyses to identify the major challenges faced by programs and policies designed to facilitate worker adjustment to economic change. It discusses realistic policy goals and their implications for program strategy. Forty-two tables, extensive notes, and an index are provided. (KC)