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Stress Test Needed for Household Sector

This week, Federal Reserve Board (Fed) Chair Janet Yellen testified to Congress as part of the requirements of the Humphrey-Hawkins Full Employment Act. The testimony gives Congress an opportunity to hear and assess the Fed’s thinking on economic policy.

In her assessment of the labor market, Yellen clearly stated the labor market is getting better but shows many signs of weakness.

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Shelby's Story: The Case for Paid Family Leave

The latest video in the Workonomics series by Upworthy takes a look at Shelby, a mother who was forced to choose between taking care of her family and getting paid, a choice all too many workers in America are forced to make. The AFL-CIO supports expanding paid family leave as a way to make fewer Americans have to make such tragic and difficult decisions.

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Memories

Memory is how individuals and societies recall past events. History, in contrast, seeks to collect the actual data of events. In society, memory is important because it forms the narrative on which we build basic concepts that drive policy. 

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10 Truths About Tipped Workers You Might Not Know

A new report from the Economic Policy Institute (EPI) takes a look at a variety of myths about tipped workers and the truths behind those myths. It has been 23 years since the federal minimum wage for tipped workers, currently $2.13 an hour, was last raised. Meanwhile, the federal minimum wage for other workers, which also has lost much of its value in recent years because of wage stagnation, is set at $7.25 an hour. Here are 10 truths about tipped workers and the tipped minimum wage from the EPI report.

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Economic News Roundup

Economic News Roundup

The Economic Policy Institute (EPI), the Center for Economic and Policy Research (CEPR) and the Center for American Progress (CAP) have released important research about the economy in the past few weeks. Here's a look at some of their key findings (after the jump).

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States that Have Raised the Minimum Wage this Year Have Faster Job Growth

States that Have Raised the Minimum Wage this Year Have Faster Job Growth

In the 13 states that saw their minimum wage rise on Jan. 1, 2014, job growth has been higher so far this year than in states where the minimum wage stayed the same. Extreme pro-business interests often argue that raising the minimum wage will lead to job losses, but once again, the evidence suggests otherwise.  The Center for Economic and Policy Research looked closely at the data and found states that raised their minimum wage increase have seen an average increase in employment of 0.99%, while the static states saw an increase of only 0.68%.

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Archie Bunker’s Brilliant (?) Summary of What Equal Pay Would Do to America

Remember when conversations like this happened in every household? Even worse, 10 or 20 years before this, it was just automatically assumed that the wage disparity was fine and dandy. How far we've come...and how far we have yet to go!

Remember, full-time women workers still make only 77 cents for every dollar earned by men.

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Leadership Makes a Difference

This week the job numbers were far better than anticipated. Those convinced this means inflationary pressures are about to build up will start shouting at any price movement to bolster their debate or use the robust stock market uptick to argue another bubble is forming. They will argue the Federal Reserve needs to reverse its current policy of aiding the recovery.

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BLS June Jobs Report Shows Increase of 288,000 Jobs, Marking Lowest Unemployment Rate Since 2008

BLS June Jobs Report Shows Increase of 288,000 Jobs, Marking Lowest Unemployment Rate Since 2008

The economy added 288,000 jobs in June, up from 217,000 in May, and the unemployment rate was 6.1%, a dip from last month’s 6.3%, according to figures released this morning by the U.S. Bureau of Labor Statistics. This marks the lowest unemployment rate since 2008 and the best five-month stretch of job growth since the early 1990s. 

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June Jobs Report: This Silver Lining Has a Cloud

Every indication is that the Bureau of Labor Statistics report for the June labor market will show large gains in the private sector. We have already surpassed the previous highs of non-farm employment and private-sector employment set in 2008. But this silver lining has a cloud. We remain lagging in public-sector employment. Most importantly, local education employment is still below its June 2009 level. Though it fluctuates slightly month to month, it remains near where it was in 2012, about 320,000 below its peak. While other local government jobs appear to have recovered, local public education has not. State government employment also remains lower than its January 2009 high, languishing about 140,000 below its peak.

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