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Blog Entries from March 2011

Oil Prices And The Trade Deficit

Submitted on March 9, 2011 - 3:12pm
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There are several reasons why today’s blog should be of great interest.  Last year, the petroleum-related trade deficit totaled $265 billion and accounted for 42 percent of our total deficit in goods.   To put this in more personal terms, $265 billion averages to about $850 for every woman, man and child in the U.S.  In 2008, when oil prices hit their all-time high, the petroleum-related deficit totaled $386 billion (over $1,260 for each person).  That’s a lot of money flowing out of the country for a commodity with a volatile price over which we have little control. 

Employment Growth Rebounds Strongly in February

Submitted on March 4, 2011 - 9:41am

A very positive report overall.  Here are four main points about today’s release:

1.  Private payrolls increased by 222,000 jobs in February; government employment decreased once again, so total payrolls increased by 192,000.   Oh, and the job gains, which have been pretty widespread, were revised upward by 58,000 jobs from the previous two months.  Not too shabby.

Youth Labor Force Participation And School Enrollment

Submitted on March 2, 2011 - 12:38pm

Friday’s jobs report will tell us how many new jobs were added to payrolls in February as well as the unemployment rate. Analysts will also closely watch for changes in the labor force participation rate, which measures the share of the population that is working or looking for work.

Today’s blog post focuses on youths (age 16-24) in the labor force. Notably, we find that, facing a tough job market, many youth have increasingly invested in developing their skills and education, which will make them more productive and help them earn more when they do re-enter the labor market.