Here's why the real unemployment rate may be higher than reported
The unemployment rate fell to 13.3% in May, according to a Bureau of Labor Statistics report on Friday. The agency admitted the real unemployment rate likely exceeds 16%.That's due an error in how furloughed workers were treated in the data sample. April's unemployment rate would have been nearly 20% absent that same error. The unemployment rate in the U.S. improved last month as millions of peopl
Forced unemployment and second-class status: Google's data center contractors | Hacker News
>Contractors love the good pay and engaging work in Google's data centers. They resent that Google and its staffing firm, Modis Engineering, make them quit every two years.>[...] But those two-year contracts are written in stone. Workers like Wait are not usually allowed to apply either to renew their contracts or to do the same job as a Google employee. If they want to keep working in the same jo
A ‘misclassification error’ made the May unemployment rate look better than it is. Here’s what happened.
When the U.S. government’s official jobs report for May came out on Friday, it included a note at the bottom saying there had been a major “error” indicating that the unemployment rate likely should be higher than the widely reported 13.3 percent rate. The special note said that if this “misclassification error” had not occurred, the “overall unemployment rate would have been about 3 percentage po
Why does low unemployment no longer lift inflation?The Phillips curve, the logic of which guides central banks today, has become oddly flat EVERY NIGHT at about 10pm the lights of the prisoner-of-war camp in Indonesia would mysteriously dim, to the puzzlement of the Japanese guards. They failed to spot the makeshift immersion heaters, used to brew cups of tea for the inmates, that had been cobbled
San Francisco apartment rent prices are dropping fast as tech companies embrace remote work and unemployment rises
The average rent for a one-bedroom apartment in San Francisco fell 11.8% year over year in June, following a 9% year-over-year drop in May. Tech companies like Twitter and Facebook are embracing remote work on a long-term basis, leading some tech workers to leave the city as they will no longer need to commute to an office.Rising unemployment thanks to the coronavirus pandemic and lockdown may als
Snowflake MATCH_RECOGNIZE to find States with decreasing Unemployment – Snowflake Recipes
Snowflake MATCH_RECOGNIZE to find States with decreasing Unemployment Introduction I recently shared few MATCH_RECOGNIZE recipes here, here and here. Since then I gotten lot of feedback asking to post an applied overview of the MATCH_RECOGNIZE query syntax. To demonstrate the power of MATCH_RECOGNIZE I will use the Unemployment by State data set from BLS for this purpose. Use of this dataset was i
A person who is looking for a full-time job that pays a living wage — but who can't find one — is unemployed. If you accept that definition, the true unemployment rate in the U.S. is a stunning 26.1%, according to an important new dataset shared exclusively with "Axios on HBO." Why it matters: The official unemployment rate is artificially depressed by excluding people who might be earning only a
Cobol Programmers Answer Call to Shore Up Unemployment Benefits Systems
Cobol programmers in the United States are heeding the call to work on antiquated state unemployment benefits computer systems that are straining under the unprecedented increase in claims filed because of COVID-19. Applications for jobless benefits have soared in recent weeks. People who were laid off after employers curtailed operations or shut down completely because of the new coronavirus file
The Fed is wrong: Lower inflation is unlikely without raising unemployment
The Fed is wrong: Lower inflation is unlikely without raising unemployment In a lengthy FEDS Note, “What does the Beveridge curve tell us about the likelihood of a soft landing?,” published July 29, Governor Chris Waller and Fed associate director Andrew Figura challenge the conclusions of our PIIE Policy Brief, “Bad news for the Fed from the Beveridge space.” We looked at their note with interest
Macro Strategy on Twitter: "Unemployment rates for 25-34 year olds, for Japan, South Korea, and Taiwan. Shaded region is Abe's 2nd term (Abenom… https://t.co/pm7ZixIBUU"
Unemployment rates for 25-34 year olds, for Japan, South Korea, and Taiwan. Shaded region is Abe's 2nd term (Abenom… https://t.co/pm7ZixIBUU
As unemployment claims spike across the United States, a startup called DoNotPay is helping people fill out claim forms and get through to their states’ jammed phone lines. Through a new section of DoNotPay’s app and website, users can set up robocalls to their state’s unemployment line, then get a call back when someone answers. They can also look up unemployment information for their state, fill
THE SIMPLE MACROECONOMIC TIP MODEL: A WORLD OF KEYNESIAN UNEMPLOYMENT
The purpose of this paper is primarily to assess the policy effect of TIP (Tax-based Incomes Policy) both on the real wage rate and the rate of unemployment. Originally it was stressed that TIP could curb the inflationary wage bargaining process between labour and management. In the early 1980's, however, the major target which TIP pursued was to reduce the rate of unemployment rather than the rat
あんこん on Twitter: "では鈍化の主要因は何だったのかというと、今回は”unemployment”よりも”Not in the labor force”が大きいこと、さらに女性において特にこの傾向が強いことから、育児による離職が想定されるというのが1番しっくり来る。"
では鈍化の主要因は何だったのかというと、今回は”unemployment”よりも”Not in the labor force”が大きいこと、さらに女性において特にこの傾向が強いことから、育児による離職が想定されるというのが1番しっくり来る。
Paul Krugman on Twitter: "On the economic side, indications that unemployment heading toward 25%, yet Trump and Senate Rs determined to snatc… https://t.co/Phk9HMKWeC"
On the economic side, indications that unemployment heading toward 25%, yet Trump and Senate Rs determined to snatc… https://t.co/Phk9HMKWeC
INTERNATIONAL TRADE WITH UNEMPLOYMENT: A NON-WALRASIAN MODEL
This paper adopts a non-Walrasian formulation of the labor market, as suggested by Arrow, Negishi, and Hahn, and constructs a general equilibrium trade model in which unemployment occurs although wage rates adjust. The purpose of the study is to examine the effectiveness of various trade policies on unemployment in different sectors and on income received by factor owners. Different assumptions ab
PROTECTION, FOREIGN CAPITAL AND NATIONAL WELFARE IN THE PRESENCE OF UNEMPLOYMENT
Using the specific-factors model of a competitive small open economy, this paper shows how the standard welfare analysis of capital flows with tariffs and quotas are modified in the presence of unemployment. Employment of labor is endogenously determined and our analysis establishes a departure from the traditional results with full employment. We show several policy implications. Free trade does
David Laidler: <i>Fabricating the Keynesian Revolution: Studies of the Inter-war Literature on Money, the Cycle, and Unemployment</i>, Cambridge University Press, 1999, xvi+380p.
David Laidler: Fabricating the Keynesian Revolution: Studies of the Inter-war Literature on Money, the Cycle, and Unemployment, Cambridge University Press, 1999, xvi+380p.
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Why does low unemployment no longer lift inflation?
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