America’s labor market has entered a “new normal” phrase. Although the unemployment rate has declined after the Great Recession, underemployment remains a major problem and the percentage of workers stuck in part-time jobs is well above historical norms. Yet, at the same time, employers are posting a record number of positions. Professor Joseph Fuller suggests that resolving this paradox will require education institutions and employers to adopt a new approach to skills training.
By: Christian Ketels
A new framing of competitiveness clarifies the role of regions.
Industries located in regions with strong clusters (i.e. a large presence of other related industries) experience higher growth in new business formation and start-up employment.
The performance of regional economies varies markedly in terms of wage, wage growth, employment growth, and patenting rate.