Labor Market Analysis
From the $s and ₵s Perspective
DR. RAJEEV DHAWAN DIRECTOR
Presented at the 42nd Annual Monetary and Trade Conference in-person at FRB Philadelphia • June 17, 2024
What are the 2 Employment Measures Saying?
Employment Growth Rate
In the last six months Household Survey shows loss of 783 thousand jobs versus job gains of over 1.5 million from the Establishment Survey
Source: EFC calculations based on BLS data for employment
Mark Zuckerberg CEO, Facebook
Leanness is in Vogue Again
In our Year of Efficiency, we will make our organization flatter by removing multiple layers of management. Today many of our managers have only a few direct reports. So….we don’t want managers to have more than 10 direct reports.
Jobs
Income Triangle of Money
Whenever jobs data is giving you conflicting signals (example, 2003/04 & now) you reconcile by looking at income metrics (esp. state tax collections) BEFORE making your real estate decisions.
Real Estate & Construction
It’s Not Just the Quantity
of
Their Quality That Matters My Friend!
2022 to July 2023
Last 6 Months
US Treasury Receipts-Income Tax
Source: EFC calculations based on Monthly Treasury Statements
Net Domestic Migration: 2012 to 2023
Source: Census Bureau
Home Price Losses (June 22 to NOW)
Special Thanks to the Center’s Sponsors
Carl R. Zwerner Chair of Family Owned Businesses
