Economy

What the Nuclear Option Means for the Economy

Now that Senate Democrats have detonated the “nuclear option” and removed the filibuster for presidential nominees, Matt Yglesias explains what the future may hold and why that matters for the economy.

“I would think ending filibusters for presidential nominees makes it more likely that a future Senate will curb filibustering of legislation… somewhat reducing the massive status quo bias of the U.S. legislative system. That makes basically any big legislative reform—whether it’s a conservative plan to privatize Social Security or a liberal plan to introduce a public option to the Obamacare exchanges—more likely.”

JOLTS For September 2013

The Bureau of Labor Statistics released the September Jobs Openings and Labor Turnover Survey showing little change from the previous month. This release includes estimates of the number and rate of job openings, hires, and separations for the nonfarm sector by industry and by geographic region.

  • job openings: 3.9 million
  • hires: 4.6 million
  • hires rate: 3.4 percent
  • separations  (turnover): 4.4 million
  • separations rate: 3.2 percent
  • over the 12 months ending in September 2013, hires totaled 52.7 million and separations totaled 50.8 million, yielding a net employment gain of 1.9 million.

 

Millennials Struggling With Debt

“Total debt among young adults actually dropped in the last decade to the lowest level in 15 years,” according to the Wall Street Journal, “And yet, Millennials appear to be running into more trouble when paying their bills — whether on credit cards, auto loans, or student loans.”

“What Experian’s data suggest is that the Millennials who are in fact borrowing are struggling to do so responsibly, at least partly because of the nation’s 7.3% jobless rate, sub-3% growth and $1 trillion student-loan tab.”