Recent Us Labor Force Dynamics
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| Author | : Mr.Ravi Balakrishnan |
| Publisher | : International Monetary Fund |
| Total Pages | : 29 |
| Release | : 2015-04-02 |
| Genre | : Business & Economics |
| ISBN | : 1484315693 |
The U.S. labor force participation rate (LFPR) fell dramatically following the Great Recession and has yet to start recovering. A key question is how much of the post-2007 decline is reversible, something which is central to the policy debate. The key finding of this paper is that while around 1⁄4–? of the post-2007 decline is reversible, the LFPR will continue to decline given population aging. This paper’s measure of the “employment gap” also suggests that labor market slack remains and will only decline gradually, pointing to a still important role for stimulative macro-economic policies to help reach full employment. In addition, given the continued downward pressure on the LFPR, labor supply measures will be an essential component of the strategy to boost potential growth. Finally, stimulative macroeconomic and labor supply policies should also help reduce the scope for further hysteresis effects to develop (e.g., loss of skills, discouragement).
| Author | : Mr.Ravi Balakrishnan |
| Publisher | : International Monetary Fund |
| Total Pages | : 29 |
| Release | : 2015-04-02 |
| Genre | : Business & Economics |
| ISBN | : 1484315626 |
The U.S. labor force participation rate (LFPR) fell dramatically following the Great Recession and has yet to start recovering. A key question is how much of the post-2007 decline is reversible, something which is central to the policy debate. The key finding of this paper is that while around 1⁄4–? of the post-2007 decline is reversible, the LFPR will continue to decline given population aging. This paper’s measure of the “employment gap” also suggests that labor market slack remains and will only decline gradually, pointing to a still important role for stimulative macro-economic policies to help reach full employment. In addition, given the continued downward pressure on the LFPR, labor supply measures will be an essential component of the strategy to boost potential growth. Finally, stimulative macroeconomic and labor supply policies should also help reduce the scope for further hysteresis effects to develop (e.g., loss of skills, discouragement).
| Author | : International Monetary Fund. Western Hemisphere Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 113 |
| Release | : 2014-07-23 |
| Genre | : Business & Economics |
| ISBN | : 1498396674 |
This Selected Issues paper on the United States of America examines the recent US labor force penetration rate (LFPR) dynamics. LFPR dynamics can be driven by structural factors and cyclical ones related to job prospects. With participation rates for older workers lower than for prime age workers, demographic models suggest that aging of the baby boom generation explains about 50 percent of the near 3p.p. LFPR decline during 2007–2013. State-level panel regression analysis is used to tie down the cyclical effect, which is estimated to account for about 30–40 percent of the decline. Significant remaining slack in the labor market points to an important role for macroeconomic and labor supply policies. This suggests a still important role for stimulative macroeconomic policies to help reach full employment. Macroeconomic policy should remain accommodative for a while given sizeable labor market slack. This slack goes beyond that signaled by the unemployment rate and takes account of the LFPR being below trend and many employees working part time ‘involuntarily’.
| Author | : J. Kenneth White |
| Publisher | : |
| Total Pages | : 104 |
| Release | : 1979 |
| Genre | : Labor market |
| ISBN | : |
| Author | : National Academies of Sciences, Engineering, and Medicine |
| Publisher | : National Academies Press |
| Total Pages | : 259 |
| Release | : 2017-06-04 |
| Genre | : Technology & Engineering |
| ISBN | : 0309440068 |
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.
| Author | : Mr.Ippei Shibata |
| Publisher | : International Monetary Fund |
| Total Pages | : 40 |
| Release | : 2019-02-26 |
| Genre | : Business & Economics |
| ISBN | : 1498301584 |
Labor market indicators are critical for policymakers, but measurement error in labor force survey data is known to be substantial. In this paper, I quantify the implications of classification errors in the U.S. Current Population Survey (CPS), in which respondents misreport their true labor force status. Once I correct for measurement error using a latent variable approach, the unemployment rate is on average 0.8 percentage points (ppts) higher than the official unemployment rate, with a maximum of 2.0 ppts higher between 1996 and 2018. This paper further quantifies the contributions to business-cycle fluctuations in the unemployment rate from job separation, job finding, and participation. Correcting for misclassification changes previous studies' results about the contributions of these transition probabilities: job separation accounts for more of the unemployment fluctuations, while participation accounts for fewer. The methodology I propose can be applied to any other labor force survey in which labor force status is observed for three periods.
| Author | : Mr.Yasser Abdih |
| Publisher | : International Monetary Fund |
| Total Pages | : 34 |
| Release | : 2018-06-15 |
| Genre | : Business & Economics |
| ISBN | : 1484363574 |
In this paper, we undertake empirical analysis to understand U.S. wage behavior since the beginning of the new millennium. At the macroeconomic level, we find that a productivity-augmented Phillips curve model explains the data fairly well. The model reveals that the upward pressure on wage growth from recent tightening in the labor market has been dampened by a persistent decline in trend labor productivity growth and the share of income that accrues to labor. These themes are reinforced and complemented at the micro-economic level. Lower regional unemployment puts an upward pressure on wages of individuals, although this effect has become weaker since 2008. But there is downward pressure on wages for individuals with occupations that are exposed to automation and offshoring, and in industries with a higher concentration of large firms. All these factors appear to play a role illustrating why it is difficult to single out any one culprit for the observed wage growth moderation.
| Author | : Eran Yashiv |
| Publisher | : |
| Total Pages | : |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
| Author | : Carl E. Van Horn |
| Publisher | : |
| Total Pages | : |
| Release | : 2018 |
| Genre | : Human capital |
| ISBN | : 9780692163184 |
| Author | : Louis Jay Ducoff |
| Publisher | : |
| Total Pages | : 148 |
| Release | : 1947 |
| Genre | : Employment (Economic theory) |
| ISBN | : |
