The Massachusetts Executive Office of Labor and Workforce Development (EOLWD)’s Post

It’s obvious that the labor market has still not stabilized. It’s interesting read on the dynamics impacting the labor pool!!

LISEP Chairman Gene Ludwig recently had a conversation with Jillian Berman who wrote a piece for MarketWatch, with Venessa Wong, on the disconnect between headline economic data and what so many American families experience every day. At LISEP we’ve been working to raise awareness of this very issue through the introduction of our True Rate of Unemployment, True Weekly Earnings, and True Living Cost metrics, which show that the economic reality faced by middle- and lower-income Americans is not accurately reflected in government economic statistics. More at lisep.org.   https://lnkd.in/eQcb7jhU

Unemployment rate statistics are in danger due to chronic underfunding of the Bureau of Labor Statistics. Please read this op-ed piece drafted by two former Commissioners of Labor Statistics under Obama and Trump and supported in a letter by many organizations including my own #InsightsIntoComp. This is not a partisan issue. Accurate economic statistics are vital for policymaking regardless of who is in power. https://lnkd.in/ekkmvcC4

Unemployment analysis examines the causes, effects, and trends of unemployment using statistical and econometric methods. It involves analyzing data on unemployment rates, labor force participation, and employment-to-population ratios from sources like government agencies and surveys. Key types of unemployment include frictional, structural, cyclical, and seasonal. Factors influencing unemployment include economic conditions, technological changes, globalization, demographic shifts, and government policies. The analysis includes data collection, cleaning, descriptive and econometric analysis, and policy impact evaluation, providing insights for policymakers, economists, and businesses to understand labor market dynamics and develop effective strategies. #CipherByte #PostOnLinkedin

Many thanks to Jillian Berman for the excellent conversation and for her MarketWatch piece, with Venessa Wong, on the disconnect between headline economic data and what so many American families experience every day. At the Ludwig Institute for Shared Economic Prosperity we’ve been working to raise awareness of this very issue through the introduction of our True Rate of Unemployment, True Weekly Earnings, and True Living Cost metrics, which show that the economic reality faced by middle- and lower-income Americans is not accurately reflected in government economic statistics. This is a conversation that is long overdue.   https://lnkd.in/e8mgVVif

🇺🇸 In Washington, according to the Associated Press, there has been a significant decrease in the number of Americans applying for unemployment benefits in the past week, marking the largest decline in three months. #Unemployment #Economy #NASDAQ100

The Sahm Rule, developed by economist Claudia Sahm, is a real-time recession indicator that aims to provide early warnings of economic downturns. It works by analyzing changes in the unemployment rate. 📉 Identify the lowest unemployment rate over the past 12 months. ➕ Add 0.5 percentage points to this lowest rate to get the threshold. 📊 Track the three-month average of the current unemployment rate. 🚨 If the three-month average exceeds the threshold, it signals a potential recession. The Sahm Rule is valued for its simplicity and its ability to provide timely indications of economic trouble, which can be crucial for policymakers and economists. https://lnkd.in/g5VR7HCj

Finally, a #data tracker for the "real" and true unemployment rate where no one who wants a job is left out! https://www.lisep.org/tru People want the whole truth. Society cannot respond appropriately to false information. We need to know the truth in order to respond effectively. #Ethics in research, data, and reporting are crucial.

Is the official unemployment rate telling the whole story? 🤔 🤓 Many argue it's not. Let's dive into the #TrueRateOfUnemployment and explore what it really means for our economy. Share your thoughts below! #labor #economics #unemployment https://www.lisep.org/tru

Minneapolis Federal Reserve President Neel Kashkari stated on "Face the Nation" that unemployment may rise and the economy could experience some cooling in the upcoming weeks. He described the current state as a "high-pressure economy" in certain aspects, but noted signs of economic cooling as well. #EconomicOutlook #Unemployment #FederalReserve #EconomicCooling #HighPressureEconomy #NeelKashkari #EconomicForecast