This doesn't look like a significantly different report than we've gotten in past months, but that's significant in itself. The labor market is clearly stuck in neutral.
More Quotes from Jared Bernstein:
This is a pretty negative report. The reason unemployment ticked down is the labor force contracted. That suggests fewer people are getting into the game, looking for work, and that kind of discouragement can lead to a lower unemployment rate.Jared Bernstein
Yet this peppering of data notwithstanding, economists are not too sanguine about the immediate prospects for income growth on the bottom rungs of the wage scale. The job market is slowly tightening, ... We are wringing out the slack. But we're only six months into a process that could take a year and a half.
Jared Bernstein
Nationally we think it's impossible to say exactly when we've reached full employment. But it sounds like in Florida you're there.
Jared Bernstein
Where you see immigration competition play out most clearly is among high school dropouts. I'd say there's clearly immigrant competition among the least-skilled workers, but natives are a shrinking share while immigrants are a growing share.
Jared Bernstein
The inflation bar is very high right now, ... doesn't get you over.
Jared Bernstein
He talks about lending a helping hand to the poor and disadvantaged. But these policies push the other way, toward lower wages and less racial inclusion.
Jared Bernstein
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