Economist: 100,000 Net Job Loss Since SeptemberPosted: March 17, 2014
The Hoover Institute fellow asserts in his March 16 Wall Street Journal editorialthat job employment numbers are more accurately measured by the number of total hours worked than by the number of people employed. The job gains often touted by the government don’t always tell the true story about U.S. employment. Lazear explains that an employer who replaces 100 40-hour-per-week workers with 120 20-hour-per-week workers is contracting, not expanding, operations. The professor says that this is true at the national level as well.
Using the Bureau of Labor Statistics, Lazear observed that the average U.S. work week has fallen from 34.5 hours in September 2013 to 34.2 hours in February 2014. The award-winning economist concludes that the drop in hours worked coupled with modest job growth equates to a decline in employment over the period. Calculating real labor usage and the amount of hours worked, Lazear claims employment fell the equivalent of 100,000 jobs since September.
Lazear rejects the notion that a harsh winter could be affecting the declining work hour quotients, explaining that the numbers are already seasonally adjusted….Read the rest…
- Why Employment is Really Declining (whitehousedossier.com)
- The case of the missing 100k jobs (humanevents.com)
- The Hidden Rot in the Jobs Numbers (online.wsj.com)
- The case of the missing 100k jobs (conservativeread.com)
- Edward Lazear: The Hidden Rot in the Jobs Numbers – WSJ.com (rightcoast.typepad.com)
- February Jobs Report Showed Decreased Hours Worked (lonelyconservative.com)
- No “Great Decoupling” (cafehayek.com)
- Today’s News and Commentary – March 17 (onlabor.org)
- Did EPA’s Fake Spy Shut Down Real Power Plants? (online.wsj.com)
- Is There Something Amiss? (pointsandfigures.com)