Category: Labor data

Manufacturing in the U.S. is making a comeback U.S. BEA data shows

From the U.S. BEA:

Manufacturing real value added—a measure of an industry’s contribution to GDP—rose 6.2 percent in 2012, after increasing 2.5 percent in 2011.  Durable-goods manufacturing, the largest contributor to overall growth in the economy for the third consecutive year, increased 9.1 percent, after increasing 6.8 percent in 2011 and 13.3 percent in 2010.

Source: U.S. Bureau of Economic Analysis, http://www.bea.gov/newsreleases/industry/gdpindustry/2013/gdpind12_adv.htm

U.S. workers finding replacement jobs quickly

Most U.S. workers who lose their jobs are able to find replacement ones quickly according to U.S. Bureau of Labor Statistics data on unemployment duration.  The overall percentage of workers finding new employment within in 4 weeks is over 25%.  The current percentage is above Great Recession figures and us increasing.   Some demographics are finding replacement employment even quicker.

Unemployment rates 50 years today…

Unemployment 50 years ago today was 5.5%.

Details on how unemployment rates are calculated can be found at the Fed. Reserve  of St. Louis’ website. (http://research.stlouisfed.org/fred2/data/UNRATE.txt)

Source:              U.S. Department of Labor: Bureau of Labor Statistics
Release:             Employment Situation
Seasonal Adjustment: Seasonally Adjusted
Frequency:           Monthly
Units:               Percent
Date Range:          1948-01-01 to 2013-08-01
Last Updated:        2013-09-06 9:06 AM CDT
Notes:               The unemployment rate represents the number of unemployed as a
                     percentage of the labor force. Labor force data are restricted to
                     people 16 years of age and older, who currently reside in 1 of the 50
                     states or the District of Columbia, who do not reside in institutions
                     (e.g., penal and mental facilities, homes for the aged), and who are
                     not on active duty in the Armed Forces.

                     This rate is also defined as the U-3 measure of labor
                     underutilization.

Econometric study finds that UI benefits extensions caused increased in unemployment rates during great recession

Authors find that the “persistent increase in unemployment during the Great Recession can be accounted for by the unprecedented extensions of unemployment benefit eligibility”

http://www.philadelphiafed.org/research-and-data/events/2013/macroeconomics-across-time-and-space/papers/Manovskii0501.pdf

Authors:

 

Marcus Hagedorny
Fatih Karahanz
Iourii Manovskiix
Kurt Mitman

 

Differences between W2 and last paycheck

Generally,  W-2 statements reflects taxable earnings while the check stubs and last pay statements reflect total earnings.

To convert from total earnings to taxable earnings, you need to subtract the nontaxable deductions, including parking deductions, FSA deductions (medical and dental deductions, flexible spending account deductions, and dependent care deductions) and retirement deductions (403(b), 457). These deductions are typically itemized in boxes 12, 13, and 14 of the W-2.