Jobs Day Takeaways
July 8, 2022
Strong numbers, and what policymakers can do next.
The Roosevelt Rundown features our top stories of the week.
Today’s Jobs Numbers in Context
The US economy added 372,000 jobs in June, signaling continued strong growth.
“Not only is the job number fantastic for our ‘are we in a recession?’ moment, it’s great for basically any month period,” Roosevelt’s Mike Konczal tweeted.
“To put how good 372,000 new jobs are in context, it’s higher (as a percent of employment) than 79 percent of monthly job numbers since 1980.”
However, childcare shortages are still limiting many women’s ability to work, hurting their careers and the economy as they cut back on work or forgo jobs to balance care responsibilities.
What can policymakers do to address the childcare crisis? A lot—starting with supply-side investments in the childcare industry.
The Economic Costs of COVID-19
As cases rise again, the COVID-19 pandemic poses another ongoing threat to workers and the economy.
In a new analysis, Julia Raifman and Roosevelt fellow Aaron Sojourner find that over the past two years, low-income, Black, and Latino workers were more likely to report missing work due to COVID-19 symptoms.
“The current COVID-19 policy paradigm has not adequately addressed the precarity faced by low-income communities and communities of color,” they write.
“In addition to reducing potential exposure levels, policy should also address the disproportionate economic and health costs of falling sick that these communities face.”
How the USPS Could Provide Public Banking
“[O]ur current banking and financial system—privatized and expensive—is a barrier to economic entry for millions of people,” Roosevelt’s Emily DiVito writes.
“To fix this, we need a public banking option that treats money, and the systems through which it moves in the economy, as a public good. . . a modern public banking option could blend free, accessible accounts (such as FedAccounts managed by the Federal Reserve) with retail services provided at post offices.”
What We’re Reading
Americans Are Losing Their Right to Not Conform – New York Times
Biden’s Indo-Pacific Economic Framework Is a Paradigm Shift – Foreign Policy
Radical Taxation – Dissent
The New Productivism Paradigm? – Project Syndicate