A Job Quality Index for New Hires
Although there is high-quality government data on the number of new jobs created each month, information on the quality or skill (or wage) of these jobs is lacking, with inferences often drawn based on industry. This project will create a job quality index for new hires by using data on new starts in the Current Population Survey, combined with wage data from the Occupational Employment Statistics, to illustrate how the skill mix of new job accessions changes each month. (The detail in the CPS allows the index to be adjusted for demographic mix of new hires.) The result can be an Institute-branded data product, similar to indices produced by the Federal Reserve System. In addition to a planned data and press release each month, the project will produce a technical paper describing methodology, robustness, comparisons with other data sources, and limitations.
LABOR MARKET ISSUES; Wages, health insurance and other benefits