![]() ![]() Jobs Reportįed officials will get a fresh reading on the state of the jobs market on Friday, with the release of the monthly employment report. “Nobody will notice if you call it a day a little bit earlier on a Friday,” Shin explained. People who have access to remote work or hybrid work are also more prone to shortening hours. Louis professor Yongseok Shin highlighted three groups that have reduced their hours: educated young men, high-earners – who cut their workweek by 1.5 hours – and workaholics – who reduced time on the job to “only” 52 hours from 55 in 2019. In his commentary at the Brookings Institution conference, Washington University in St. What’s going on with weekly hours is “a very significant part of the story why labor supply is so low,” Stephanie Aaronson, senior associate director of the division of research and statistics at the Fed, said at a conference last week where the research was discussed. ![]() That shortfall adds to pressures in a hot jobs market that Fed Chair Jerome Powell and his colleagues have been trying to cool, in an effort to bring down an inflation rate that’s more than double their 2% goal. ![]() That’s enabled some Americans to emulate their European counterparts and spend more time on leisure and other activities.īut it’s also meant a shortfall of labor – equivalent to 2.4 million employees, according to the paper. The average US workweek has dropped by more than a half hour over the last three years, according to new research by former Bureau of Labor Statistics Commissioner Katharine Abraham and her University of Maryland colleague Lea Rendell. ![]()
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