US Labor Markets and Policy Implications: Focus on January Jobs Report
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SUSTAINING CAPITALISM PODCAST SERIES

US Labor Markets and Policy Implications: Focus on January Jobs Report

Economists from the Committee for Economic Development (CED) and The Conference Board Labor Markets Institute join forces to break down the monthly US Bureau of Labor Statistics jobs report and reveal the relevant policy implications for the future workforce. In this episode, we discuss what the current pace of the vaccine rollout means for job growth in the year ahead, plus a brief primer on the current debate around fiscal stimulus vs. inflationary pressures.

Despite a rebound from December’s job losses, employment gains in January were relatively small and likely overstated by seasonal factors. While there is much uncertainty about the next two to three months, the rollout of the vaccines will be the dominant force driving a strong employment recovery in the hardest hit industries, explains Gad Levanon, Vice President of Labor Markets at The Conference Board. He added that there will be a strong recovery in the second quarter and it will continue for the rest of the year. Elizabeth Crofoot, CED’s Senior Economist, also summarizes the ongoing debate around the appropriate size of the fiscal response. She noted that, in targeting full employment, it is important to find a balance between offsetting the risk of a slowing economy and concerns of inflationary pressures.

 US Labor Markets and Policy Implications: Focus on January Jobs Report

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Despite a rebound from December’s job losses, employment gains in January were relatively small and likely overstated by seasonal factors. While there is much uncertainty about the next two to three months, the rollout of the vaccines will be the dominant force driving a strong employment recovery in the hardest hit industries, explains Gad Levanon, Vice President of Labor Markets at The Conference Board. He added that there will be a strong recovery in the second quarter and it will continue for the rest of the year. Elizabeth Crofoot, CED’s Senior Economist, also summarizes the ongoing debate around the appropriate size of the fiscal response. She noted that, in targeting full employment, it is important to find a balance between offsetting the risk of a slowing economy and concerns of inflationary pressures.

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