South by North Strategies’ analysis of state employment conditions in April was featured in a number of media outlets.
The PBS NewsHour reports on the financial reform legislation and discusses the issues to be addressed during the final legislative negotiations.
Economic policy reports, blog postings, and media stories of interest:
The April employment report released today by the Employment Security Commission points to a state labor market in fragile condition. Job growth is insufficient to accommodate all those who wish to work; unemployment remains elevated; and uncertainty clouds future prospects.
Last month, North Carolina employers added 7,500 more positions than they eliminated. The public sector generated 80 percent of those jobs with federal hiring – mainly for temporary census positions – accounting for 51.6 percent of net public-sector payroll growth. Since December 2007, North Carolina has lost, on net, 270,000 positions or 6.5 percent of its payroll employment base.
Stabilizing labor market conditions are reflected in April’s household data. Last month, the labor force expanded by 0.1 percent as 6,220 additional people sought work. The number of employed individuals rose, and the number of unemployed individuals declined. The unemployment rate therefore dipped from 11.1 percent to 10.8 percent. Nevertheless, since the start of the recession, the number of unemployed Tar Heels has grown by 131.3 percent, and the unemployment rate has jumped from 4.7 percent to 10.8 percent.
The next few months could be quite difficult for North Carolinians seeking work. Job growth is weak, and much of the recent growth has resulted from such government actions as temporary census hiring, housing tax credits, emergency unemployment insurance payments, and recovery act funding. Many of these supports are phasing out, and it is unclear if enough private-sector demand exists to take their place.
Click here to read South by North Strategies’ full analysis of the April report.
From a recent opinion piece by Ross Eisenbrey of the Economic Policy Institute …
Senate Democrats are struggling to put together a $200 billion package of tax extenders, extenders for the Recovery Act’s expansion of Medicaid assistance to the states, unemployment insurance, COBRA subsidies and food stamps, and emergency funding for the 275,000 education jobs that could be lost in the coming school year. Geithner has proposed a $90 billion tax on the liabilities of the largest banks – a sensible way to rein in leverage and raise revenue at the same time. But he has told the Senators he doesn’t want the bank tax used to offset new spending for jobs; he wants it devoted to deficit reduction!
…
It’s one thing for Republicans to take that position; they would just as soon see the economy stall before the November elections. But the Obama cabinet should be doing everything possible to create more jobs, both for economic reasons and for their party’s survival. The biggest current contributors to the budget deficit are the recession and the unemployment it is still causing. Getting people back to work in paying jobs would increase consumer demand and help the virtuous cycle of spending and business investment we need – and the Democrats need – to ensure a robust recovery and begin reducing the deficit.
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