With fewer opportunities to acquire labor-market experience and skills, these teenagers face lower wages as adults.
Ultimately, says Mr. Hallock, compensation is an inexact science, determined by labor-market conditions, company budgets and individual employees' performance and turnover risk.
But a worker who loses his job, or a labor-market entrant or unemployed worker who cannot find a new job, pays a much higher cost.
"It would be prudent to consider whether they wish to modify the code in light of the impact on young borrowers in challenging labor-market conditions, " Mr. Cordray said.
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European markets traded broadly higher, with the Stoxx Europe 600 up 0.6% and on track to close at a near five-year high, amid the U.S. labor-market reading and encouraging Chinese data.
Blue chips were bolstered by a better-than-expected labor-market report.
"This is an extremely troubling labor-market report, given how strongly stocks have rallied and how much expectations have been lifted with optimism around the consumer and housing, " said Scott Anderson, economist at Bank of the West.
Because of a baby boom in the 1970s and 1980s, the region has a demographic bulge, ( see charts), with lots of young and educated people entering the labor market--but finding no work.
Perhaps we will call this the "job loss recovery" because we don't seem to have turned the corner in the labor market--and it appears much worse than earlier jobless recoveries (thanks to Erica Groshen at the New York Fed for finding that the first use of the term "jobless recovery" was in The New York Times in the 1930s).
This strength reflects solid pre-September labor market conditions, profit growth, the strong aggregate household balance sheet, and all-cylinder foreign growth.
It allows them to offer stock options to local employees, a boon in a drum-tight labor market.
First, Germany provides a natural experiment of Keynesian versus Non-Keynesian labor market policy.
Some of the lower-skilled workers who would lose out in a higher-entry-wage environment might be absorbed, off the books, by the cash-in-hand labor market.
On this mega-site you can research wages and employment trends, occupational requirements, and state-by-state labor market conditions and take advantage of the most extensive career resource library online.
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In return for international bailout funds, Greece has agreed to a harsh austerity program and labor market reforms -- measures that have led to violent street demonstrations in the past.
For that, there is a powerful precedent in previous Labor governments' free-market reforms, under prime ministers Bob Hawke and Paul Keating, which helped pave the way for the economic boom of the Howard years.
Lazear pointedly stated that he expects strong growth due to high productivity and low taxes, adding that "two trends are most important when looking at last year's economic picture and the scene as we move into 2007"--the labor market and export growth.
The worst time to re-regulate the labor market is at the moment.
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Why not let everybody retire or for that matter re-enter the labor market whenever they want to, independent of their receipt of Social Security benefits?
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He suggests countries like Spain and Ireland should try and ape the so-called active labor market intervention used by Norway, in which the state funds not only unemployment benefits but also training and job searches.
"Many young people now experience long-term unemployment right from the start of their labor market entry, " said Guy Ryder, ILO Director-General, during a presentation of the report's findings.
What the two sides of the Coasean coin have in common is that high transaction costs prevented a freer-flowing market for labor and talent from prevailing.
In a competitive labor market (and, contrary to what many non-academics believe, the market for faculty is extremely competitive), tenure means that institutions do not have to pay faculty as much in the form of cash or benefits.
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Last Friday, U.S. data showed the labor market improving at a better-than-expected clip.
The independent labor market is today the fastest-growing segment of the American workforce, currently 16 million strong, and according to the study, projected to grow to 21 million over the next few years.
On inflation, the Fed chairman said that while high energy prices continue to be a source of risk, ongoing productivity gains in the labor market should keep wage increases--still the biggest driver of overall inflation--under control.
If people are unemployed, it means the price of labor is artificially high relative to the market-clearing price.
The U.S. economy appears to be on track for a mild recovery, after years of sub-par growth, while the labor market remains depressed.
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Well, for one, the products are still expensive, time-consuming and labor-intensive to create and without a defined market to sell into may not be worth the risk.
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In other words, they had to offer full-time work because competition in the labor market demanded it.
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