More About Chad Stone

Chad Stone

Chad Stone is Chief Economist at the Center on Budget and Policy Priorities, where he specializes in the economic analysis of budget and policy issues. You can follow him on Twitter @ChadCBPP.

Full bio and recent public appearances | Research archive at CBPP.org


Today’s Jobs Report in Pictures

September 5, 2014 at 9:39 am

Today’s disappointing jobs report, while perhaps only a temporary blip in an ongoing labor market recovery, is nevertheless a sober reminder of how devastating the Great Recession and subsequent prolonged jobs slump has been for American workers.  In particular, the share of the population with a job, which plunged to low levels not seen since the early 1980s, has since risen only modestly even though we now are more than five years into the recovery.  In addition, the share of the labor force that is working fewer hours than it would like remains elevated, and unusually high long-term unemployment persists.

Click here for my full statement with further analysis.

Share of population with a job remains near recession levels

Long-term unemployment

Monthly job growth

Job losses were particularly high

Unemployment rate

Today’s Jobs Report in Pictures

August 1, 2014 at 10:02 am

Today’s solid jobs report shows a labor market that is moving in the right direction but still has a ways to go before everyone who would like to be working has a reasonable chance of finding a suitable job.  In particular, Congress dealt the long-term unemployed a harsh blow when it allowed federal emergency jobless benefits to expire prematurely at the end of last year.  Seven months later, long-term unemployment remains higher than when any of the previous seven emergency unemployment programs expired after previous recessions.  In addition, the share of the population with a job remains well below where it was at the start of the recession.

Click here for my full statement with further analysis.

Today’s Jobs Report in Pictures

July 3, 2014 at 11:28 am

Today’s jobs report contains encouraging signs that the labor market is healing but also reminders that it remains far from fully healed.  Payroll employment jumped by 288,000 in June and the unemployment rate fell to 6.1 percent.  While employment increased sharply and unemployment fell, there was little net growth in the labor force, leaving the percentage of people with a job well below where it was at the start of the Great Recession.  Nearly a third of the unemployed have been looking for work for 27 weeks or longer and encounter more re-employment obstacles than the typical jobseeker.  That’s why Congress should act immediately to restore emergency federal unemployment insurance.

Employment bar chart

Unprecedented job losses

Unemployment rate

Epop

Long-term unemployed

Emergency Jobless Benefits Cut-Off Has Hit Nearly 300,000 Veterans

June 24, 2014 at 12:16 pm

The number of jobless veterans who’ve lost access to federal jobless benefits since Congress allowed Emergency Unemployment Compensation (EUC) to expire at the end of last year — which we estimated at the end of February was close to 200,000 and counting — will reach an estimated 285,000 by the end of this month.

EUC provided additional weeks of unemployment benefits to people who could not find a new job before exhausting their regular state benefits, which run for up to 26 weeks in most states.  About 1.3 million workers were cut off from EUC when the program expired on December 28, according to the most recent Labor Department estimates, and another 1.6 million have exhausted their regular state benefits in the first six months of this year.

We estimate that about 1 in 10 EUC recipients were veterans (based on the Census Bureau’s March Current Population Survey, which shows that over the last three years, 9.7 percent of unemployment insurance recipients who were looking for work for between 27 and 73 weeks were veterans).  Applying that percentage to the Labor Department totals, about 285,000 veterans have been cut off from EUC — about 130,000 when the program expired December 28 and even more since then who have exhausted their regular benefits and not received any EUC.

In February, we urged Congress to act quickly to reauthorize EUC retroactively to restore benefits to those who’d already lost them and keep the total number of vets — and other long-term unemployed workers — denied emergency jobless benefits from continuing to grow.

Congress hasn’t acted yet — and the numbers keep growing.

Today’s Jobs Report in Pictures

June 6, 2014 at 9:54 am

Today’s jobs report shows that more than six years after the onset of the Great Recession and the worst jobs slump since the 1930s, payroll employment has finally topped its level at the start of the recession.  Still, with essentially no net job growth since December 2007 but continued growth in the working-age population, there are many more people now who want to be working but don’t have a job.

Click here for my full statement with further analysis.