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Institute for Workplace Studies----------------- Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor---------------------- Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

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Congressional Budget Office (CBO)

 

MEASURING LABOR MARKET SLACK [Presentation] [24 September 2014]

by Wendy Edelberg at the Peterson Institute for International Economics conference on Labor Market Slack: Assessing and Addressing in Real Time

http://www.cbo.gov/publication/45737?utm_source=feedblitz&utm_medium=FeedBlitzEmail&utm_content=812526&utm_campaign=0

or

http://www.cbo.gov/sites/default/files/cbofiles/attachments/45737-presentation-MeasuringLaborMarketSlack.pdf

[full-text, 11 pages]

 

[excerpt]

In CBO’s view, the current slack in the labor market consists of multiple

elements, including:

 

■ The labor force participation rate is well below what CBO estimates

would be achieved if the demand for workers was stronger.

■ The unemployment rate is above CBO’s estimate of the natural rate.

■ The share of part-time workers who would prefer full-time work is

significantly higher than before the recession.

 

Continued slow growth in compensation is an important signal that

significant slack remains.

 

Measuring slack is quite difficult, and the current amount of slack could

be a good deal larger or smaller than CBO estimates.

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