Economic Policy

Center for American Progress

Creates 'Playbook for 

Advancement of Women in Economy'

    Washington, D.C. — (CAP) -- 3/14/2024 - Women are driving many of the United States’ economic successes. Not only were they the primary drivers of the strong labor market in 2023, but their spending powered the economy, and they are expected to control two-thirds of consumer spending by 2028. Yet women continue to face economic insecurity throughout their lives, which is partly driven by the failure of policymakers to center them in economic plans. Between the persistent gender wage gap and continuous attacks on reproductive freedoms, women’s economic security has been anything but secure. 

    The Center for American Progress’ new “Playbook for the Advancement of Women in the Economy” offers a blueprint for actions that both federal and state policymakers can take to strengthen women’s economic security. It makes the case for how an economy that delivers for women is an economy that delivers for all. 

    CAP’s “Playbook for the Advancement of Women in the Economy” features 13 chapters covering everything from protecting and increasing abortion access and guaranteeing paid family and medical leave, to ending workplace discrimination and harassment and realizing equal pay, to expanding women’s access to male-dominated industries and dismantling employment barriers for disabled women and immigrant women in the health care sector, and more. The playbook contains a suite of policy options readily available for policymakers to guarantee family planning and care, deliver good jobs, and build a labor force to meet the demands of the country’s future. 

    Historically, women turn out to vote at higher rates than men and list economic concerns as a top voting issue, and they’ve made their voices heard time and again in referendums. Ahead of the 2024 election, this is likely to continue. Policymakers should listen and respond to the needs of women—or else they risk not just their political success but also the U.S. economy.

    “This playbook offers ready-to-use solutions to fast-track the advancement of women’s economic security and help the United States unlock women’s—and the economy’s—full economic potential, ”said Rose Khattar, director of economic analysis for Inclusive Economy at CAP. “For decades, women have suffered from systemic economic inequities – from wages that are too low and costs that are too high—and this has plagued women at every stage of their lives, costing not just women and their families, but the economy at large.

    “Current and aspiring federal and state policymakers have an opportunity to create a new reality for women that expands their economic opportunities and secure the gains they’ve already made to ensure their economic well-being and, by doing so, invests in the U.S. economy,” said Sara Estep, associate director of the Women’s Initiative at CAP. “The playbook includes a suite of recommendations for policy action that will help strengthen women’s economic security and help put women and families economic security first—because an economy that helps women thrive is an economy that helps everyone thrive. 

    Read the playbook: “Playbook for the Advancement of Women in the Economy” by Rose Khattar and Sara Estep

U.S. Economy

Major Economic Indictors

     Most Recent U.S. Bureau of Labor Statistics Data

The CPI. Bureau of Labor Statistics graph.

    (RP News) - 12/24/2020 - The U.S. Bureau of Labor Statistics' latest summary of major economic indicators for the United States, as of Dec. 23, 2020, shows a slight bump in prices for urban consumers, as well as a drop in the unemployment rate to 6.7 percent. “These improvements reflect the continued resumption of economic activity that had been curtailed due to COVID-19, though the pace of improvement has moderated in recent months,” the bureau states. 

    The bureau's most recent update and summary:

Consumer Price Index

    In November, the Consumer Price Index for All Urban Consumers rose 0.2 percent on a seasonally adjusted basis; rising 1.2 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy rose 0.2 percent in November (SA); up 1.6 percent over the year (NSA).

Employment Cost Index

    Compensation costs rose 0.5 percent for civilian workers, seasonally adjusted, from June 2020 to September 2020. Over the year, compensation rose 2.4 percent, with wages and salaries rising 2.5 percent and benefit costs increasing 2.3 percent. See: cost index

Employment Situation

    Total nonfarm payroll employment rose by 245,000 in November, and the unemployment rate edged down to 6.7 percent. These improvements reflect the continued resumption of economic activity that had been curtailed due to COVID-19, though the pace of improvement has moderated in recent months. See: employment situation.

Producer Price Index

    The Producer Price Index for final demand advanced 0.1 percent in November, as prices for final demand goods increased 0.4 percent, and the index for final demand services was unchanged. The final demand index increased 0.8 percent for the 12 months ended in November.

Productivity and Costs

    Productivity increased 4.6 percent in the nonfarm business sector in the third quarter of 2020; unit labor costs decreased 6.6 percent (seasonally adjusted annual rates). In manufacturing, productivity increased 19.9 percent and unit labor costs decreased 12.1 percent. See: productivity and costs

Real Earnings

    Real average hourly earnings increased 0.1 percent over the month in November, seasonally adjusted. Average hourly earnings increased 0.3 percent and CPI-U increased 0.2 percent. Real average weekly earnings increased 0.1 percent over the month.

U.S. Import and Export Price Indexes

    U.S. import prices rose 0.1 percent in November following a 0.1-percent decrease in October. Prices for exports advanced 0.6 percent in November, after rising 0.2 percent the previous month. Over the past year, import prices declined 1.0 percent and export prices fell 1.1 percent. See: indexes

Unemployment rate, 2000-2020. BLS graph

Economist Predicts Growth in World Economy

   LEXINGTON, Mass. - (BUSINESS WIRE) - 12/13/2013 - After wallowing in an economic “soft patch” for the past two years, the global economy is likely to emerge in 2014 with modest growth of 3.3 percent compared with 2.5 percent this year, according to a forecast from Nariman Behravesh, chief economist of IHS.
   “The easing of the twin headwinds of private sector de-leveraging and public sector austerity will bolster the improved outlook, especially for the developed economies,” Behravesh said. “Many emerging economies will also likely enjoy stronger growth in 2014, pulled along by export-led growth to the United States, Europe and China. That said, the global growth rebound is likely to be quite modest.”
   The global growth outlook for 2014 is the summary forecast in Behravesh’s annual Top10 Economic Predictions, which were released on December 12. The U.S. economy is forecast to slowly speed up. The drag from fiscal policy will be less, allowing underlying strengths in the economy -- such as housing, the ripple effects of the boom in unconventional oil and gas production, steady growth of consumer spending, and an uptick in capital spending -- to become more visible, resulting in growth of 2.6 percent in 2014, compared with 1.7 percent in 2013.
   Despite signs of weakness, the European recovery will continue, but at a very sluggish pace. Forecast growth of 0.8 percent will be supported by very accommodative monetary policy, stabilizing labor markets, less emphasis on austerity, improved spending power, better competitiveness in peripheral countries and greater confidence in Eurozone politicians to manage their sovereign debt crisis. Germany and the United Kingdom will grow faster than they did in 2013; Greece, Italy and Spain will struggle to attain positive growth. IHS expects China’s growth to inch up from 7.8 percent in 2013 to 8.0 percent in 2014.
   The government is expected to apply additional moderate stimulus if growth dips below 7.5 percent and stronger stimulus if it goes below 7.0 percent as China looks ahead to problems of an aging population and the consequences of rapid credit growth, including a new housing bubble and rising debt levels.
   The other Top10 predictions include:

• Other emerging markets will also perform a little better, with real GDP growth strengthening to 5.4 percent in 2014 from 4.7 percent in 2013. U.S. and Chinese growth will be stronger, and the Eurozone will no longer be a drag, resulting in emerging market exports becoming a source of growth. 
• Unemployment rates in advanced economies will remain high, dropping only to 7.9 percent in 2014 from 8.1 percent in 2013. Improved productivity will erode demand for labor, and aggressive cost-cutting will continue unabated. In the U.S., the unemployment rate is forecast to decline from 7.5 percent in 2013 to 6.6 percent in 2014. 
• Commodity prices will go nowhere in 2014, as they did in 2013, as gradually strengthening demand is matched by higher production and ample inventories. Inflation will remain a low-level threat. 
• The Federal Reserve will begin scaling back stimulus, while other central banks will likely wait or provide more stimulus. The Fed is likely to start trimming its bond purchases no later than January 2014. The Bank of England is expected to raise interest rates in the second half of 2014. However, because of continued weak growth, the European Central Bank may engage in another round of Long-Term Refinancing Operations. 
• Fiscal headwinds, particularly in the U.S. (thanks to the recent budget accord) and Europe will ease. The U.S. federal budget deficit is expected to be unchanged from 2013 to 2014 at just under $700 billion, following a sharp drop from about $1.3 trillion in 2011. Easing fiscal pressure will also be evident in Europe and many of the Eurozone’s crisis economies will be given a little more time to meet their fiscal targets. 
• The U.S. dollar will strengthen against most currencies because U.S. growth will be strengthening, growth differentials with other advanced economies will be sizable, and the Fed is likely to remove stimulus sooner than most other major central banks. 
• There will be more upside risk than downside risk for the global economy: Stronger than anticipated growth in the U.S., U.K. and Germany, combined with better emerging markets performance in China, India and Brazil will likely surprise to the upside; instability in the Middle East and North Africa, additional fiscal drag, and disappointing news from emerging markets will persist on the downside. 
• For 2013, IHS forecast that global growth would hold steady at 2.6 percent and it stabilized at around 2.5 percent. Nine out of 10 predictions for 2013 were on the mark.

Consumer Price Index Up 0.4 Percent in August

   (BLS) - 9/17/2011 - The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in August on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.8 percent before seasonal adjustment.
    The seasonally adjusted increase in the all items index was broad-based, with continuing increases in the indexes for gasoline, food, shelter, and apparel. The gasoline index rose for the 12th time in the last 14 months and led to a 1.2 percent increase in the energy index, while the food index rose 0.5 percent, its largest increase since March.
    The index for all items less food and energy increased 0.2 percent in August, the same increase as the previous month. Shelter and apparel were the biggest contributors, though the indexes for most of its
major components posted increases, including used cars and trucks, medical care, household furnishings and operations, recreation, tobacco, and personal care. The new vehicles index, unchanged for the second month in a row, was an exception.
     The 12-month change in the all items index edged up to 3.8 percent after holding at 3.6 percent for three months, while the 12-month change for all items less food and energy reached 2.0 percent for the first time since November 2008. The energy index has risen 18.4 percent over the last year, while the food index has increased 4.6 percent.

Consumer Price Index Data for August 2011

   Food: The food index rose 0.5 percent in August after rising 0.4 percent in
July. The food at home index repeated its July increase of 0.6 percent, with five of the six major grocery store food groups rising. The only exception was the index for nonalcoholic beverages, which declined slightly in August after rising in June and July. The cereals and bakery products index rose the most, increasing 1.1 percent, followed by a 0.9 percent increase in the index for dairy and related products. The index for other food at home rose 0.8 percent as the index for sugar and sweets rose sharply. The indexes
for fruits and vegetables and for meats, poultry, fish, and eggs rose 0.6 percent and 0.4 percent, respectively. The food at home index has now risen 6.0 percent over the past 12 months, with all six groups
rising at least 4.0 percent. The index for food away from home advanced 0.4 percent in August, its largest increase since October 2008, and has risen 2.7 percent over the last year.
    Energy: The energy index, which rose 2.8 percent in July, increased 1.2 percent in August. The gasoline index rose 1.9 percent in August after a 4.7 percent increase in July. (Before seasonal adjustment, gasoline prices fell 0.5 percent in August.) Over the past 12 months, the gasoline index has increased 32.4 percent. The household energy index rose modestly in August, increasing 0.4 percent. The indexes for electricity and for fuel oil both declined slightly, but the index for natural gas increased 2.2 percent in August after declining in July. Over the past year, the household energy index has increased 2.7 percent. The fuel oil index has risen 35.4 percent over that period, while the electricity index has risen 1.9 percent and the index for natural gas has declined, falling 2.0 percent. All items less food and energy:
   The index for all items less food and energy increased 0.2 percent in August, the fifth month in a row that the increase has either been 0.2 percent or 0.3 percent. Similarly, the shelter index rose 0.2 percent in August, its fourth increase in a row of at least that size. The index for rent increased 0.4 percent in August, its largest increase since June 2008. The index for owners' equivalent rent rose 0.2 percent, and the index for lodging away from home turned down after recent increases, falling 1.8 percent. The index for apparel continued its string of substantial increases, rising 1.1 percent in August. The used cars and trucks index also continued to rise, increasing 0.9 percent. The medical care index increased 0.2 percent for the fourth month in a row, with medical care commodities rising 0.1 percent and medical care services increasing 0.3 percent. Also increasing were the indexes for household furnishings and operations (0.3 percent), airline fares (1.1 percent), recreation (0.1 percent), personal care (0.2 percent), and tobacco (0.5 percent). The index for new vehicles was unchanged for the second month in a row after a series of increases. The index for all items less food and energy has risen 2.0 percent in the last 12 months. This 12-month change has been trending up since reaching a low of 0.6 percent for the 12 months ending October 2010. The 12-month change in the shelter index, which was negative through much of 2010, reached 1.6 percent in August. The 12-month change in the apparel index has now reached 4.2 percent after being negative as recently as March of this year. Major transportation indexes have risen strongly over the last 12 months, including used cars and trucks (5.4 percent), new vehicles (3.8 percent) and airline fares (9.5 percent).

Not seasonally adjusted CPI measures

    The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.8 percent over the last 12 months to an index level of 226.545 (1982-84=100). For the month, the index increased 0.3 percent prior to seasonal adjustment.
    The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 4.3 percent over the last 12 months to an index level of 223.326 (1982-84=100). For the month, the index increased 0.3 percent prior to seasonal adjustment.
    The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.6 percent over the last 12 months. For the month, the index increased 0.3 percent on a not seasonally adjusted basis.
   Please note that the indexes for the post-2009 period are subject to revision. The Consumer Price Index for September 2011 is scheduled to be released on Wednesday, October 19, 2011, at 8:30 a.m. (EDT).
   Source: U.S. Bureau of Labor Statistics

Questions Surround New Jobless Rate Report

By Steve Rensberry
srensberry@rensberrypublishing.com

   (RPC) - 7/9/2010 - A drop in Michigan's unemployment rate to 13.6 percent this past June, as noted in the United States Department of Labor's latest report, was good news for the state in at least one respect.
   It knocked it off the list as the state with the highest seasonally-adjusted unemployment rate in the nation. But while Michigan's rate remains significantly above the national average of 9.7 percent, Nevada now claims the highest at 14 percent. Illinois was at 10.8 percent for the month, better than what it has been and lower than Michigan's, but still a fair amount higher than the national average. Michigan has been hit hard by declines in the auto industry. Illinois has, well, been hit by a burgeoning deficit and overall budgetary strife.
The Labor Bureau's report is available here: Labor Bureau report
   You can expect a follow-up from this writer on precisely "why" Illinois' unemployment rate is so high. Can we blame it all on the state's budgetary woes? Is it all due to politics and corruption? Everyone's got an answer but proof has been in short supply.
   Here are two paragraph's from the Labor Bureau's report which provide some perspective on the issue. In addition to persons who are defined - strictly speaking - as "unemployed," there as many or more who are "marginally attached," "totally discouraged," or simply "overworked, stressed out and underpaid" to the point of being in a state of learned helplessness. How many have given up? How many are "double dipping, " working under the table but claiming they're not?
   According to the Bureau:
    "In June, about 2.6 million persons were marginally attached to the labor force, an increase of 415,000 from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
    "Among the marginally attached, there were 1.2 million discouraged workers in June, up by 414,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.4 million persons marginally attached to the labor force had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities."
   There is one key difference between Michigan and Nevada which makes any talk of percentages and rates fundamentally risky. Michigan has a population of approximately 10 million and Nevada's is about 2 million. Even though Nevada now has a higher rate, there are still many more people unemployed in Michigan (more than 650,000) than in Nevada (less than 200,000).
   (Photo: Steve Rensberry stands outside the Lansing Police Headquarters building in Lansing, Michigan, recently, and a stone's throw from the Michigan State Capital building. Around the corner was a line of picketers protesting state cuts in education funding.)