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In the mid-1950s, 36% of the United States labor force was unionized. At America's union peak in the 1950s, union membership was lower in the United States than in most comparable countries. By 1989, that figure had dropped to about 16%, the lowest percentage of any developed democracy, except France.
However, labor union participation rates have declined steadily in the United States. According to the Bureau of Labor Statistics annual Union Members Summary: "In 2012, the union membership rate—the percent of wage and salary workers who were members of a union—was 11.3 percent, down from 11.8 percent in 2011. The number of wage and salary ...
There is a substantial wage gap between union and nonunion workers in the U.S.; unionized workers average higher pay than comparable nonunion workers (when controlling for individual, job, and labor market characteristics); research shows that the union wage gaps are higher in the private sector than in the public sector, and higher for men ...
The labor market is steadily rebalancing in the wake of 525 basis points worth of rate hikes from the U.S. central bank since March 2022 to cool demand in the overall economy.
"The market has taken rate hikes down off the table for this year, but for how long if the labor market remains tight." Job openings, a measure of labor demand, were up 56,000 to 9.553 million on ...
The first burst on Tuesday — a critical read on activity within the jobs market — showed that the once too-tight labor market is starting to look more like its pre-pandemic days.
However, the labour market differs from other markets (like the markets for goods or the financial market) in several ways. In particular, the labour market may act as a non-clearing market. While according to neoclassical theory most markets quickly attain a point of equilibrium without excess supply or demand, this may not be true of the ...
Labor market tightness is underpinning the economy, with data this week showing a solid increase in retail sales in July and a surge in single-family homebuilding, which prompted economists to ...