By Jeff Ferry, Chief Economist The monthly US trade deficit climbed to $54.6 billion in May as the COVID crisis dented exports more than imports. It’s the worst monthly trade deficit figure since December 2018. May exports of $144.5 billion were down 4.4 percent on the April figure, while imports of $199.1 billion were only…
Washington. The US added 4.8 million non-farm jobs in June as the economy bounced back from the depths of the COVID crisis. Combined with the 2.7 million jobs added in May, the economy has now added back 7.5 million jobs in two months. However, total June employment of 142.2 million is still 14.7 million jobs…
Editor’s Note: On Sunday June 28, CPA’s economics team presented “The Job Quality Index – A New Measure of Job Quality in the U.S. Labor Market” at the Western Economic Association International 95th Annual Conference. The Job Quality Index, developed by CPA in partnership with economists from Cornell University and the University of Missouri at Kansas City,…
Editors note: Michele Nash-Hoff explains why we need an industrial strategy focusing on getting manufacturing back. So the 40 million unemployed have a chance it getting better jobs than the ones they left. Continuing my series on why manufacturing is important to America, the second reason is that wages and benefits for manufacturing jobs are approximately…
Job Quality Index and average wages improved—but for “wrong” reasons Washington. The latest monthly jobs report shows a surprising increase in U.S. non-farm payroll employment for May. Overall employment rose by 2.5 million jobs, with the unemployment rate declining to 13.3 percent. An evaluation of the data by researchers at the Coalition for a Prosperous…
CPA Working Paper By Stephen L. Byers PhD and Jeff Ferry Abstract The Coalition for a Prosperous America is introducing the new CPA Reshoring Index to track the success of US manufacturing industry in meeting domestic demand for manufactured goods. The CPA Reshoring Index (CRI) measures the annual change in the share of US consumption…
20.5 million U.S. jobs lost in April Washington. Today’s jobs report shows a drastic collapse in overall U.S. employment. A record 20.5 million jobs were lost in April, propelling the nation’s unemployment rate up to 14.7 percent, a new post-World War II high. This morning’s “JQ-Instant” indicator, published by the Coalition for a Prosperous America…
JQI Index declines 0.20 percent in March Washington. The monthly U.S. Jobs Quality Index(JQI) issued by the Coalition for a Prosperous America (CPA) and its partners dropped slightly to 79.27in March, down by 0.20 percent from its revised level one month earlier. The JQ-Instant™ preliminary read of the 713,000 decrease in all private sector, non-farm payrolls in March…
By Steven L. Byers, PhD and Jeff Ferry The US is in the midst of a public health crisis and the country is struggling with shortages of essential health care supplies. In most cases, these shortages are linked to our excessive reliance on imported supplies, which are arriving in much smaller quantities than ordered, if…
Health, Security, Economic Benefits from Reshoring By Steven L. Byers, PhD and Jeff Ferry With the spreading coronavirus pandemic, Americans are becoming increasingly aware of our dependence on foreign sources for important pharmaceuticals and other health care products. The US is dependent on China for over one third of all the antibiotics we import, and…