Nber business cycle dating committee members

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Changes in the labor force participation rate can distort the significance of the unemployment rate—that is, the share of people in the labor force without a job—as a measure of the health of the economy.

For example, between the end of the 2007–2009 recession and 2017, the unemployment rate for people ages 25 to 54 fell by 4.5 percentage points even though the share of that population with a job increased by just 3 percentage points.

Facts about these issues can be found in Just Facts’ article, “Do Large National Debts Harm Economies?

“ Consumption is conventionally viewed as the preferred welfare indicator, for practical reasons of reliability and because consumption is thought to better capture long-run welfare levels than current income.[88] [89] [90] * The U. Department of Labor collects data on a subset of consumption called “consumer expenditures.” This includes all direct purchases by households, including those made with the proceeds of government benefits like cash welfare and food stamps.

Purchasing power parities allow for accurate measures of economic data across countries, because they relate the prices of the same goods and services in different nations.[34] [35] * In keeping with Just Facts’ Standards of Credibility, all graphs in this research show the full range of available data, and all facts are cited based upon availability and relevance, not to slant results by singling out specific years that are different from others. Capital and business income provided 28%, and employer-paid benefits made up the remaining 11%.

* In 2013, cash wages and salaries accounted for 61% of market income for U. This varied by income group on average as follows: * Gross domestic product (GDP) measures national economic output, or the value of all goods and services that a country produces in a year.

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The company settled the lawsuit for million.[379] [380] * In 2015, the U. Department of Labor, then under the leadership of Barack Obama,[382] issued a regulation to make overtime pay mandatory for workers earning less than ,476/year.The unemployment rate declined partly because of an increase in the share of the population that was employed but also because of a decrease in the labor force participation rate.[332] * The labor force, as defined by the Bureau of Labor Statistics, includes all people who are “either working or actively seeking work.” The potential labor force used by the Bureau to determine the labor force participation rate includes: persons 16 years of age and older residing in the 50 states and the District of Columbia who do not live in institutions (for example, correctional facilities, long-term care hospitals, and nursing homes) and who are not on active duty in the Armed Forces.[333] [334] * “Underemployment” is a wider measure of idle potential labor than unemployment.The broadest measure of underemployment published by the U. Bureau of Labor Statistics is called “U-6,” which includes: * In the U. during December 2016, the average cost to employers for one hour of employee work was .90, with wages and salaries accounting for 68% of costs, and benefits accounting for 32% of costs.[367] * Per the U. Department of Labor, “In the final four decades of the 20th century, employee compensation, as measured by employer costs, has undergone dramatic shifts” from cash to benefits.But they still make 77 cents for every dollar a man earns. A woman deserves equal pay for equal work.[286] [287] [A]fter we controlled for all the factors included in our analysis that we found to affect earnings, college-educated women working full time earned an unexplained 7 percent less than their male peers did one year out of college.Once we control for outside factors the wage gap between men and women shrinks considerably.

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