HENAGAR ALABAMA: the March employment report reflects a pace of monthly job growth
The March employment report reflects a pace of monthly job growth below the recent trend, coming on the heels of February’s strong report. The unemployment rate was stable, broader measures of unemployment fell, and hourly earnings continued their rise. A range of factors including the weather and the global economic slowdown have affected economic data for the first quarter. The President has been clear that he will continue to push for policies including investments in infrastructure and relief from the sequester that would help ensure the strong underlying longer-term trends persist.
FIVE KEY POINTS IN TODAY’S REPORT FROM THE BUREAU OF LABOR STATISTICS
1. The private sector has added 12.1 million jobs over 61 straight months of job growth, extending the longest streak on record. Today we learned that total nonfarm payroll employment rose by 126,000 in March, driven by a 129,000 increase in private-sector employment. This particular month’s job gains were below the recent trend, as job growth in a number of industries slowed somewhat (see point 5). Over the past twelve months, the private sector has added 3.1 million jobs, nearly the highest year-over-year growth in the recovery so far.
2. Real aggregate weekly earnings have risen nearly 5 percent over the last twelve months. Real aggregate earnings track the purchasing power of total wages and salaries paid to U.S. private-sector employees, reflecting the combined effects of rising employment, rising wages, and a longer workweek. Aggregate earnings are nearly 7 percent above their pre-crisis peak. Indeed, they have recovered nearly twice their losses during the recession. Year-over-year aggregate earnings growth trended about 2-3 percent at an annual rate in recent years, but has risen to 5 percent year-over-year in recent months as hourly earnings have begun to rise (see point 3).
3. Over the past twelve months, rising real hourly earnings accounted for nearly half the increase in real aggregate weekly earnings. The large contribution of rising hourly earnings is a recent trend. Aggregate earnings reached a trough in December 2009, and over the following year-and-a-half, real hourly wages declined. The aggregate earnings increase during that early period was driven by a combination of rising employment and a longer workweek. Over the next three years, both hourly earnings and the workweek were largely stable, with rising employment accounting for 80 percent of the growth in aggregate earnings. Real wage growth over the past year has been a major contributor to the speed-up in aggregate earnings, due to both rising nominal wages and slowing consumer price growth as oil prices have declined. While the recent progress is encouraging, there is more work to do to ensure that real earnings growth is sustained and shared with a broad range of American families.
4. The overall share of jobs held by women rose from an average of 48.5 percent in 2001-2007 to 49.3 percent in March 2015. This 0.8 percentage point increase masks substantial variation within industries. Female workers shifted out of smaller industries like financial activities and information services where the female share declined by 3.1 and 3.7 percentage points, respectively and into higher-employment industries like retail trade. Women’s share of employment also increased somewhat in the government sector, where 57 percent of workers are female. Accordingly, women were disproportionately affected by the cuts to government employment that occurred between 2010 and 2013, but they have also disproportionately benefited from net job growth in this sector since mid-2013.
5. Job growth in a number of industries fell below recent trends in March. Looking over the 61-month streak of private-sector job growth, March was an especially weak month for mining and logging (-11,000), manufacturing (-1,000), leisure and hospitality (+13,000), and construction (-1,000). The weakness in mining and logging is likely attributable in large part to the recent decline in oil prices. March was a stronger than usual month in retail trade (+26,000) and health care and social assistance (+30,000). Across the 17 industries shown below, the correlation between the most recent one-month percent change and the average percent change over the last twelve months rose to 0.51 from 0.13 last month, remaining somewhat below the average correlation over the past two years.
As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and payroll employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data as they become available.
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Take Action to Improve Your Financial Situation in HENAGAR ALABAMA
By Katie Bryan, America Saves Communications Director.
America Saves Week, February 24
March 1, 2014, is a time to review your finances, decide what you want to
save for, and set up a system that will allow you to save automatically. Thats
why the America Saves Week theme is Set
a Goal. Make a Plan. Save Automatically. Did you know that only half of
Americans report having good savings habits? Even if you are already saving,
its good to take a look at your goals and decide if you can save more or start
a new savings goal. Join thousands of others who are pledging to pay down
debt, save money, and take financial action during America Saves Week.
Not sure what to
save for or what to save for next? Here are the most popular saving goals
of those who have pledged to save through America Saves:
· Save for Emergencies - Only 37 percent
of low-to-moderate income households have a savings or money market account at
a bank or credit union and nearly a quarter of savers who have pledged to save
have chosen emergency savings as their first wealth-building goal. Learn
· Save for Education - Saving for
education is the second most popular goal savers select when they pledge to
save with America Saves. There are many different things to factor in when
saving and paying for college. Learn
· Pay Down Debt - Getting out of debt is the #3 goal
Savers select when they pledge to save. That does not come as a surprise since
a 2012 survey found that 45% of families
with annual incomes under $50,000 rely on credit cards to pay for basic needs
such as rent, utilities, insurance and food. Learn
· Save for a Home - For decades, home ownership has
been the main path to wealth for most Americans. Today, home equity - the
market value of a home minus the balance on any home loans - represents more
than four-fifths of the typical family’s wealth. Learn
· Save for Retirement - Retirement
savings is a top priority for many Savers. Saving for retirement now will
ensure that you have enough money to maintain a comfortable standard of living
when you stop or reduce the amount of hours you work. Learn
Not sure how to
save for your goals? Here are some saving strategies to help:
· Save Automatically - The easiest and
most effective way to save is automatically. This is how millions of Americans
save at their bank or credit union, and how millions of employees save through
401(k) and other retirement programs at work. Learn more.
· Save at Tax Time - Do you spend weeks eagerly
anticipating your tax refund? When the money finally comes in, is it gone
tomorrow? Many people view tax refunds as unplanned bonuses. They see the money
as a gift from the government, to use for splurges or treats. But a tax refund
provides the opportunity to improve your financial situation. Learn
the America Saves Pledge (or re-pledge) today to set your savings goal and
make a plan to save. When you take the pledge you can also choose to receive
text message tips and reminders to help you save for your goal. And dont
forget to follow America Saves on Facebook
America Saves Week is coordinated
by America Saves and the American Savings
Education Council. Started in 2007, the Week is an annual opportunity for
organizations to promote good savings behavior and a chance for inpiduals to
assess their own saving status
January 26, 2015
Courtesy of Eve Hill and Mark Kappelhoff, Deputy Assistant Attorneys General for the Civil Rights pision
Note: The sample MOU can be found at here.
President Obama established the White House Task Force to Protect Students from Sexual Assault one year ago. On this anniversary, the task force has released a sample memorandum of understanding (MOU) to assist campuses and law enforcement agencies to work together in their efforts to protect students, address the needs of sexual assault survivors, and ensure a prompt, thorough, and fair response to allegations of sexual misconduct. This is yet another important step in the task forces effort to help colleges and universities, as well as their partners in the community, address the problem of campus sexual violence.
While colleges and universities can do much on their own, communication and collaboration between campus administrators, campus police and local law enforcement is critically important to address the problem of sexual assault on campus.
The sample MOU reflects input from task force members and agencies, outside experts on sexual assault, police associations, state attorneys general, and campus administrators and counsels.
Many colleges and universities already have MOUs in place with local law enforcement authorities covering a variety of areas. Our conversations with campus administrators, campus police, and law enforcement have underscored the need for additional tools and strategies that are specifically tailored to the dynamics of sexual assault on campus, as well as the needs of sexual assault survivors. The task force is providing this sample MOU with that in mind.
We recognize that every campus and community is unique and there is no one-size-fits-all solution. The sample MOU is, therefore, intended to be a starting point for a conversation between campus administrators, campus police and local law enforcement on how to improve collaborations between critical first responders. We fully expect that, in partnering to address the issue of sexual violence on campus, campus administrators and law enforcement will adapt the provisions of the sample MOU to meet their particular needs and circumstances. For example, some campus and law enforcement authorities may wish to incorporate some or all of the provisions into an existing general campus safety MOU, while others may prefer a standalone agreement specifically addressing campus sexual violence. Still others may decide that some different method of collaboration better meets their needs. We hope that this sample MOU will be an important resource in collaborative efforts between campus administrators, campus police and law enforcement to eradicate sexual assault from college communities nationwide.
Civil Rights pision
Office on Violence Against Women