on fire,” says Tamara Atkinson, head of Austin’s workforce development board. Workers there are being fought over with signing bonuses, paid internships and help with tuition fees. Ms Atkinson sees formerly incarcerated workers being given second chances, with employers asking how severe their crime really was. She even worries that wages for flipping burgers are now so high that they are pulling people away from education.
The particular benefits provided by a hot economy were laid out by an economist called Arthur Okun in 1973. He argued that lowering unemployment would generate benefits far beyond just creating jobs, reckoning that it would raise a submerged iceberg, pulling people off the sidelines and into work, pushing part-timers into full-time engagements and boosting productivity. Such would be the power of a vibrant economy that it would draw people and resources towards where they could be most useful.
A new study, presented at the Brookings Institution almost 50 years later, tests Mr Okun’s thesis with data from the most recent recovery. It finds that the higher the unemployment rate is for any particular group, the more sensitive that group will be to the ups and downs of the economy. African-Americans, for example, tend to have higher unemployment rates than whites, and they suffered a disproportionate share of the job losses during the recession .
The evidence on this from Austin is mixed. According to Indeed.com, an online jobs platform, local searches for jobs such as shop assistant, warehouse worker and waitress rose by more than 300% between the end of 2017 and the end of 2018. But searches for “learning and development” opportunities rose even more quickly.
That’s pure BS
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