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New from the National Journal
Only 18,000 Jobs Added in June, Less Than One Fifth of Analyst Estimates
The U.S. economy added 18,000 jobs in June, less than one-fifth of consensus estimates. Unemployment changed slightly to 9.2 percent, the Labor Department reported. The consensus estimate, which was upwardly revised following a strong ADP National Employment Report on Thursday, was for a net job gain around 110,000 and a slight dip in the unemployment rate to 9.0 percent. The economy added 54,000 jobs in May.
New from the Center for an Urban Future
The End of an ARRA
In the winter of 2009, with more than 1.4 million job losses in the first two months of the year, the federal government passed the American Recovery and Reinvestment Act (ARRA) into law as a way to quickly inject liquidity into a stalling economy and maintain critical services that would allow individuals and communities to survive through the recession. At first glance, New York City made out pretty well. More than $7 billion in Recovery Act funds went to programs benefitting New York City residents, which was more than many entire states received. These funds went toward failing schools, community development block grants, building retrofits and a much needed temporary increase in the federal match for Medicaid, among many other things.
The 2009 federal stimulus brought a huge infusion of funds to New York City for job training and workforce development; with the money now running out, the Center for an Urban Future examined how the funds were spent and what the end of this funding stream means at a time when countless New Yorkers are still out of work.
Click here to read full report.
New from Brookings
Debt Ceiling: Why President Obama Should Seek an Interim Agreement
With Obama set to meet with congressional leaders from both parties on Thursday in the hopes of working out a deal to raise the debt ceiling, it’s a good time to step back from the details of the controversy and assess the bigger picture. We can’t get through the presidential election without addressing the fundamental issues facing the country and dividing the parties—the size of government, the level of taxation, and the future of Medicare and Medicaid. But with Republicans committed to their anti-tax orthodoxy and Democrats unwilling to surrender to it, the possibility of a compromise in the next 27 days seems as remote as the consequences of a failure to raise the ceiling seem dire. In place of both these options there’s a third possibility—an interim agreement, which has many longer-term downsides but may be the best we can do right now. Here’s the analysis that leads to this conclusion.
Click here to read full article.
New from the Center on Law and Social Policy
Easier Job Search Likely for College Graduates
The number of college graduates desperately searching for jobs throughout the summer will dwindle in the coming years, according to a new study. And that's not just because the economy is expected to grow.While the number of high school graduates nationwide is expected to remain flat between 2010 and 2020, in New York it will decline by 15 percent, according to the report by the Center for Law and Social Policy and the National Center for Higher Education Management Systems. The number is a reflection of an aging population.
And while the sour economy has some questioning the value of a college education, the numbers suggest that a degree will pay off in the near future. By 2018, the demand for college-educated workers will increase by 16 percent while those with a high school diploma will see a relatively flat job market. New York will add 359,000 additional jobs for those with a higher education and just 137,000 for high school graduates and dropouts. Currently, those with a high school diploma have an unemployment rate a third higher than those with at least an associate's degree. By 2018, two-thirds of the jobs in the state will require some sort of postsecondary education or training.
Click here to read full article.
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