Items tagged with Labor:
News & Updates:
The Other Side of a Merger: Labor Market Power, Wage Suppression, and Finding Recourse in Antitrust LawIn a discussion on the US’ labor monopsony problem, Wharton Professor Ioana Marinescu highlights the how mergers can result in increased market concentration which subsequently influences wage stagnation. Read more about her research and recommendations into proposed antitrust efforts here:
In a discussion on the $15 minimum wage as a piece of labor practice policy, Professor Marinescu emphasizes the importance of evaluating the market and the implications of a such a policy in light of contingencies such as monopsony power. As an example, she cites her research showing how concentration of jobs and monopsony power in employers can contribute to macro trends such as wage stagnation.
The Alaska Permanent Fund has been issuing a cash transfer to every man, woman and child in Alaska since the early 1980s. The fund is provided through dividends invested from oil revenues, which is obviously a big part of that state. But can a similar Universal Basic Income program work across all of the US? And would providing such a program mean any change to working patterns in the United States?
Wharton Management Professor, Peter Cappelli, provides an insightful analysis on some of the similarities and peculiarities of the tightening American labor market as it relates to the surges that occurred in the 1990’s. Within this discussion, Professor Cappelli explores youth-employment as variable within this larger equation and potential solutions to mitigate its consequences.
“Where’s Willie?” I asked. When I learned he was already on an errand, I moved on to Kyle and Ben, but they had been sent out as well. (Note: names have been changed to protect identities). “Okay, I’ll see about the college kids,” I thought apprehensively. It was the Christmas food giveaway at Friends of the Poor in Scranton, PA and I needed volunteers to take a $1000 gift card to the local grocery store and pick up the last components of our food bags. I needed people I could trust and I knew would work diligently and quickly, so I instinctively looked for Willie, Kyle, and Ben.
ADP Employment Report
The ADP National Employment Report® is published monthly by the ADP Research InstituteSM in close collaboration with Moody’s Analytics and its experienced team of labor market researchers. The ADP National Employment Report provides a monthly snapshot of U.S. nonfarm private sector employment based on actual transactional payroll data.
Quick link: http://www.adpemploymentreport.com/
Bureau of Labor Statistics
The Bureau of Labor Statistics of the U.S. Department of Labor is the principal Federal agency responsible for measuring labor market activity, working conditions, and price changes in the economy. Its mission is to collect, analyze, and disseminate essential economic information to support public and private decision-making.
- Home Page
- Top Picks : Most requested BLS data in downloadable Excel spreadsheets
- Databases, Tables & Calculators by Subject : Comprehensive collection of all BLS statistics in one place
- Economy at a Glance : Previous six months of major BLS data releases
- Current Year’s News Release Schedule
Major Economic Indicators:
Consumer Price Index (CPI): An index of the cost of living commonly used to measure inflation. The BLS publishes the CPI-U, an index of consumer prices based on the typical market basket of goods and services consumed by all urban consumers, and the CPI-W, an index of consumer prices based on the typical market basket of goods and services consumed by urban wage earners and clerical workers.
To calculate inflation, subtract a previous period’s CPI number from a later (e.g. current) period’s CPI number, then divide the result by the same previous period’s CPI number.
Employment Cost Index (ECI): An index of the weighted-average cost of an hour of labor—comprising the cost to the employer of wage and salary payments, employee benefits, and payroll taxes for social insurance programs, such as Social Security. The ECI is structured so that it is not affected by changes in the mix of occupations in the labor force or the mix of employment by industry.
Employment Situation : This news release presents statistics from two major surveys, the Current Population Survey (CPS; household survey) and the Current Employment Statistics survey (CES; establishment survey). For more information about these surveys, please read this technical explanation .
- Unemployment rate: A measure of the number of jobless people who are available for work and are actively seeking jobs, expressed as a percentage of the labor force.
- Labor force: The number of people age 16 or older in the civilian non-institutionalized population who have jobs or who are available for work and are actively seeking jobs. (The civilian non-institutionalized population excludes members of the armed forces on active duty and people in penal or mental institutions or in homes for the elderly or infirm.) The labor force participation rate is the labor force as a percentage of the civilian non-institutionalized population age 16 or older.
- News Releases and Data
Producer Price Index : Family of indexes that measure the average change over time in the prices received by domestic producers of goods and services. PPIs measure price change from the perspective of the seller. This contrasts with other measures, such as the Consumer Price Index (CPI). CPIs measure price change from the purchaser’s perspective. Sellers’ and purchasers’ prices can differ due to government subsidies, sales and excise taxes, and distribution costs. More than 9,000 PPIs for individual products and groups of products are released each month. PPIs are available for the products of virtually every industry in the mining and manufacturing sectors of the U.S. economy. New PPIs are gradually being introduced for the products of industries in the construction, trade, finance, and services sectors of the economy.
Productivity and Costs : The BLS reports hours data on labor productivity and cost measures, as well as business output and labor compensation.
- Productivity: Average real output per unit of input. Labor productivity is average real output per hour of labor. The growth of labor productivity is defined as the growth of real output that is not explained by the growth of labor input alone. Total factor productivity is average real output per unit of combined labor and capital services. The growth of total factor productivity is defined as the growth of real output that is not explained by the growth of labor and capital. Labor productivity and total factor productivity differ in that increases in capital per worker raise labor productivity but not total factor productivity.
- News Releases and Data
Real Earnings : A measure of the value of workers’ earnings (attained from the Current Employment Statistics survey) that removes the effect of inflation (attained from CPI data).
U.S. Import and Export Price Indexes : The International Price Program (IPP) produces Import/Export Price Indexes (MXP) containing data on changes in the prices of nonmilitary goods and services traded between the U.S. and the rest of the world.
Note: Sources of economic indicator definitions are the Congressional Budget Office and BLS.
U.S. Census Bureau: Business Dynamics Statistics
The Business Dynamics Statistics (BDS) includes measures of establishment openings and closings, firm startups, job creation and destruction by firm size, age, and industrial sector, and several other statistics on business dynamics. The U.S. economy is comprised of over 6 million establishments with paid employees. The population of these businesses is constantly churning –– some businesses grow, others decline and yet others close. New businesses are constantly replenishing this pool. The BDS series provide annual statistics on gross job gains and losses for the entire economy and by industrial sector and state. These data track changes in employment at the establishment level, and thus provide a picture of the dynamics underlying aggregate net employment growth.
Quick link to BDS Data: https://www.census.gov/ces/dataproducts/bds/data.html
U.S. Census Bureau: Labor Force Statistics
Labor force statistics produced by the Census Bureau provide important information about the state of the nation’s workforce.
Quick link: http://www.census.gov/people/laborforce/
U.S. Department of Labor
All sorts of people use the Department of Labor (DOL) Web site. Here is a list of the Top 20 pages that workers, students, employers, and other customers are going to most frequently. These pages include:
• The Occupational Outlook Handbook
• BLS Data pages
• COBRA, minimum wage, and other information
Quick link: http://www.dol.gov/dol/top-requested.htm