“With the expansion entering its ninth year, and already the second longest on record, now’s the time to be looking for signs it is coming to an end. Friday’s report offered none. Job growth was solid, but not strong enough to spook the Fed. Wage growth picked up, but not enough to threaten inflation. Discouraged workers began making their way back into the job market, indicating that despite an unemployment rate of just 4.3%, there’s still some slack to fuel future growth. An important milestone was passed: the Hamilton Project calculated the U.S. job market has finally fully recovered from the Great Recession. And The Wall Street Journal calculated layoffs are at their lowest level in half a century.”
“It is an important and unresolved question whether minimum wages at the levels that will be reached in many cities and states in coming years—and that have been proposed at the federal level—will lead to meaningful reductions in employment, even where the evidence points to few or no such effects for lower minimum wages. Unfortunately, the Seattle study does little to resolve this question.”
“Ryan Nunn, an economist with the Hamilton Project, tells Axios that, adjusting for population growth, all the jobs lost in the 2009 recession are now restored. But, he said, ‘there's been a very different recovery for different kinds of Americans.’ Hamilton released a report on Friday detailing these results, using monthly jobs figures released by the federal government… ‘Whites were never hit as hard during the worst of the recession,’ says Nunn. ‘But they've actually recovered more slowly as well.’ That said, African American workers and women still remain employed at lower rates than white men.”
“Until now. Employers added 209,000 jobs in July, which pushed the economy past an important milestone: When adjusted for a growing and aging population, there are now more jobs than there were at the pre-recession peak in 2007. “Nearly a full decade after the start of the recession, employment has returned to its demographically adjusted pre-recession level,” according to a new report from the Hamilton Project, which is part of the Brookings Institution. “The economy has added enough jobs to make up for losses during the Great Recession.”
“The better-than-estimated 209,000 payroll gain in July was more than enough to close what the Hamilton Project calls the ‘jobs gap.’ The measure, which adjusts for growth and aging of the population, accounts for total employment and what’s needed to absorb the number of new labor-market entrants, according to the economics offshoot of the Brookings Institution. ‘It’s sort of a mark of healing of the labor market,’ said Diane Whitmore Schanzenbach, the outgoing director of the Hamilton Project. ‘That doesn’t mean we’re at full employment…and I think everybody’s worried about wage growth, but this is one marker of healing.’”
“Since 2010, the Hamilton Project at the Brookings Institution has calculated the jobs gap, defined as “the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while also absorbing the people who enter the potential labor force each month.” ‘With this jobs report, the economy has closed the jobs gap…We think of the jobs gap as one important measure of labor market health, but it’s just one measure. There are other economic indicators that suggest there still may be slack,’ said Ryan Nunn, the policy director at the Hamilton Project. He also pointed to a report released today that shows how uneven the recovery has been by state, gender, education and race.”
“So although the U.S. lost about 8.5 million jobs during and in the immediate aftermath of the recession, according to a new report from The Brookings Institution's Hamilton Project, the country actually needed to create more than 10 million new jobs to get back to normal with respect to America's larger population.”
“After accounting for changes in the population, the United States regained the same level of employment in July that it had before the recession began nearly a decade ago in November 2007, according to a new report published Friday morning by the Brookings Institution's Hamilton Project… The milestone is important, though it does not indicate the economy is unblemished, said Diane Whitmore Schanzenbach, one of the report’s authors. “It does not mean there’s no slack in the economy, [or] that we’re at full employment. But it does mean the job losses from the great recession are behind us,” she said.”
“Cutting the CBO’s resources and responsibilities would be profoundly unwise. The CBO has a unique role in our democracy, bringing high-quality evidence to bear on important public policy questions. Although the CBO’s projections have not been perfect — no forecasts ever are — the CBO has provided vital information to policymakers who would otherwise lack an understanding of the probable costs and benefits of their actions.”
“Yet over time, liberal-arts graduates’ earnings often surge, especially for students pursuing advanced degrees. History majors often become well-paid lawyers or judges after completing law degrees, a recent analysis by the Brookings Institution’s Hamilton Project has found. Many philosophy majors put their analytical and argumentative skills to work on Wall Street. International-relations majors thrive as overseas executives for big corporations, and so on.”
Jay Shambaugh, a George Washington University professor and former Member of the White House Council of Economic Advisers, has been appointed to succeed Diane Whitmore Schanzenbach as director of The Hamilton Project at the Brookings Institution. Shambaugh also joins the Economic Studies program as a senior fellow.
Diane Whitmore Schanzenbach views it differently. A senior fellow at Brookings who directs the Hamilton Project, Schanzenbach has studied the food stamp program for two decades. She said policies that serve as “food police” tend to raise stigma rather than help families and individuals who need better access to food. When New York City’s “soda ban” on sugary drinks at food-service establishments failed in 2013, the idea initially sounded simple but was bedeviled with details, Schanzenbach said: “You could purchase V8 juice but not V8 splash. Try to explain that to someone.”
For many children, summer vacation evokes images of their favorite foods: backyard barbecues, fresh farmer’s market produce, s’mores by the campfire and frozen delights from the ice cream truck. However, for the 13 million children in America living in food-insecure households — homes lacking the adequate resources to purchase the food needed for an active, healthy lifestyle — summer vacation offers less relief than it does hunger and uncertainty.
The new FTC initiative can help give a voice to the diffuse groups harmed by anticompetitive licensing regulations. And the Federal Trade Commission is uniquely positioned to tackle this issue, with its longstanding and bipartisan tradition of promoting competition, and a professional staff well-versed in the economic evidence.
“DeVos was relying on evidence from one specific program, but the broader research on money in education generally paints a more positive picture. “There’s this notion out there that increased spending doesn’t help,” said Diane Whitmore Schanzenbach who has studied school spending and is the director the Hamilton Project at the Brookings Institution. “There’s good evidence that indeed increased spending does help — it increases student test scores and it improves later life outcomes.” A few major national studies have reached that conclusion. One analysis, published in the peer-reviewed Quarterly Journal of Economics, found that court-ordered increases in school spending caused students to attend college at higher rates and earn more money as adults. Another study, coauthored by Schanzenbach, showed that when states increased spending they saw substantial increases in scores on the federal NAEP exam.”
“If college is a good investment versus not going to college, how does it stack up against other investments? In other words, instead of paying $15,000 for a four-year degree, should you invest in other financial instruments? The Hamilton Project, which emanates from the Brookings Institution, recently released a report comparing different financial investments versus a college education in terms of annual return on investment.”
“Job creation has been slow. According to the Hamilton Project, the economy has still not quite made up for the Great Recession jobs gap. That’s the jobs lost, plus those that would have been created without the downturn.”
“Yet Diane Whitmore Schanzenbach, the director of the Hamilton Project and a professor of education and social policy at Northwestern University, said researchers should help make parents and the public more aware of the security precautions that researchers already use. Schanzenbach, whose research often includes student data from the National Center for Education Statistics, noted that every research project she has worked on included detailed data protocols—up to "some data that I could only access on a standalone computer that was not connected to the internet and that was kept in a locked safe when I wasn't using it."
“As for hospital-based charity, it can vary widely. Most studies find for-profit hospitals provide less charity care than nonprofit medical centers. But getting aid from a non-profit hospital isn’t exactly a gimme. A [Hamilton Project] paper published by the Brookings Institution in 2015 pointed out that the non-profit hospitals with the most funds that could be devoted to charity care—that is, covering or forgiving medical bills of those who cannot pay full—are not located in the geographic areas where the need is greatest.”
“While the money in Camden, N.J., has led to relatively little academic progress, our stories from North Carolina, Indiana and Massachusetts offer a compelling counterpoint to the idea that money doesn't really matter…The first, we'll call it Study A, looked at how well these low-income students performed on the NAEP test, the National Assessment of Educational Progress. “After the spending increased, test scores slowly, surely increased as a result," says one of the researchers, Diane Whitmore Schanzenbach, who is also an associate professor at Northwestern's School of Education and Social Policy.”
“The Hamilton Project at the Brookings Institution in Washington calculates what it call the “jobs gap,” the number of jobs that the economy needs to create to return to pre-recession employment levels while also absorbing the people who enter the potential labor force each month. This month, the gap dropped to 340,000.”
“Your career choice also plays a big role in how much you earn, and for liberal arts majors, career options are pretty broad, according to a new report from The Hamilton Project at the Brookings Institution. Ryan Nunn, an author of the report, said he was shocked to see just how much variety there actually is among people with the same major… "There's a lot of variety across majors, but STEM majors do have a more clear path to the higher paying jobs," said Nunn.”
Researchers at the Hamilton Project found that students who studied finance, engineering and computer science tend to make the most money after graduation, while those who majored in counseling, social work and early childhood education saw the lowest wages. The more modestly paying fields, however, boasted a sneaky advantage.
A new analysis from the Hamilton Project at the Brookings Institution sheds some light on how post-college career decisions and gender (and, yes, college major) interact to produce different earnings outcomes. The analysis finds that, generally speaking, while college major does affect earnings, the decisions people make about what career to pursue play a large role as well. In fact, different career paths can explain 15 to 25 percent of earning variations among people who majored in the same thing in college. Philosophy majors who go on to work as management analysts earn a salary of about $72,000; those who become post-secondary teachers earn only $51,000.