OscailtMark Carney on the “Natural Rate” of UnemploymentI was disturbed to read this comment on the current state of the U.S. economy in Governor of the Bank of Canada, Mark Carney's speech last week.
“The natural rate of (U.S.) unemployment may be increasing sharply. The scale of industry restructuring means that some unemployed workers do not have the skills suitable for the expanding sectors. Other job seekers are tied to their local area, due to an inability to sell their homes in distressed markets, hampering the mobility that has been a hallmark of the American labour market. The current cycle is also self-reinforcing. As long-term unemployment becomes more entrenched, workers’ skills deteriorate and their reintegration into the labour force becomes more difficult.”
2024-03-29T06:19:35+08:00Anarkismoanarkismoeditors@lists.riseup.nethttp://www.anarkismo.net/atomfullposts?story_id=17766http://www.anarkismo.net/graphics/feedlogo.gif