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With Tax Day just around the corner, it is a good time to put post-WWII top marginal tax rate into context. Many find it hard to believe that the top rate was 91% during the Eisenhower years. No, that didn’t mean that high earners paid a 91% tax on all of
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The March employment report gave clear evidence that the Fed’s rate hikes are weakening the labor market. While job growth was strong, at 236,000, the index of aggregate hours fell for the second consecutive month.
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Federal Reserve action may be a necessary component to reaching Black full employment, but it is not sufficient. Full employment for Black people will require additional policies including subsidized employment.
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The biggest question will be what happens to aggregate hours and what wage growth looks like in the March jobs report.
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The union membership rate dropped between 2021 and 2022, while the number of union members increased.
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The Bureau of Labor Statistics will release its annual report on the prior year’s union membership and coverage on January 19, 2023.
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We are likely to see a somewhat worse picture in the core index in December, although another sharp drop in gas prices should ensure the overall inflation rate is again below 0.2 percent.
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The pandemic increase in the length of the average workweek has been completely reversed.
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The big question is whether evidence of labor market weakening will show up in the December jobs report.
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Gas prices will again show a drop in November, but the biggest questions will be with the core index.
