1. Chart of the Day (above) shows annual jobless rates for men and women between 1990 and 2015. In only 4 of the last 26 years (1997, 1998, 1999, 2000) has the male jobless rate been lower than the female jobless rate; in all other years the female jobless rate was either equal to the male jobless rate (1995, 1996, 2005, 2006) or below (1990-1994, 2001-2004, and 2007-2015). On average over the last quarter century, the average female jobless rate (5.88%) was below the average male jobless rate (6.28%) by 0.40%. Perhaps this gender difference in jobless rates explains some of the 17% un-adjusted gender wage gap — more men work in higher-paying jobs like construction that also have a higher risk of layoff or job loss (and higher average jobless rates) while women gravitate towards lower-paying jobs like teaching (81% of elementary and middle school teachers are female) that have greater job security and a lower risk of layoff or job loss (and lower average jobless rate).
2. Gender and Ethnic Wage Gaps. The BLS released its annual Women in the Labor Force: A Databook today for 2015, and buried in the 105 page report were these interesting wage gaps:
a. In 2000, Asian women earned 85 cents for every dollar men earned. In 2014, Asian women earned 97 cents for every dollar the average man earned.
b. In 2000, white women earned 92 cents for every dollar earned by Asian women. In 2014, white women earned 87 cents for every dollar earned by Asian women.
c. In 2000, the average white male earned 94 cents for every dollar an Asian man earned. In 2014, the average white male earned only 83 cents for every $1 earned by Asian men.
Bottom Line: Asian women are gaining on American men and now earn only 3% less on average than the average male worker. White women are falling behind relative to female Asian workers, as are white men falling behind relative to the earnings of Asian men. If gender pay disparities prove discrimination and motivate legislation, then maybe we need laws to equalize pay between whites and Asians?
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3. Venn Diagram of the Day I (above). As a result of cigarette taxes in New York State that now exceed $6 per pack, the number of state-taxed cigarette packs sold in New York has plummeted by 54% in the past decade. Wouldn’t the $6.00 per hour “labor tax” being proposed in New York by raising the state’s minimum wage to $15 an hour from $9 have a similar negative effect on the state’s entry level employment opportunities?
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4. Venn Diagram of the Day II (above). Since 1987, New York City has had a “minimum space law” that makes it illegal to build apartments smaller than 400 square feet. To make it easier for entry-level renters to find affordable apartments, the AP is reporting that “NYC officials are now proposing to end the limit on how small apartments can be, opening the door for more “micro-apartments” that advocates see as affordable adaptations to a growing population of single people.” And yet many of those same “officials” probably don’t realize that increasing the minimum wage, just like increasing a “minimum space law,” would make it harder for entry-level workers to find jobs.
5. The New York Times Editorial Board expressed its economic death wish for the state and the nation in its editorial last Sunday that called for a $15 an hour national minimum wage. The New York Times certainly has regressed a long way since 1987 when its editorial board exhibited a lot more economic sanity when it correctly advocated for “The Right Minimum Wage: $0.00.”
6. Good Question from Don Boudreaux: What if the same quality of reasoning and familiarity with economic reality and economic theory that fuel the typical argument in support of the minimum wage were to be applied to CEO pay? You can find Don’s answer here.
7. Investment Returns YTD: a) the average global hedge fund is down by –3.72% this year, b) the average equity hedge fund is down by -2.55%, while c) the total return of the S&P500 Index is up 1.98%.
8. Who-d a-Thunk It? Waiting times under Canada’s socialized medicine have doubled? From Syracuse.com, “Canadians get most of their medical care for ‘free’ through their government’s health care system. But the waits are getting longer because of a doctor shortage and overcrowded clinics and emergency rooms. The median wait time to see a specialist in Canada is 18.3 weeks, up from 9.3 weeks in 1993.”
9. Markets in Everything: “The underbelly of e-commerce is a booming business in which little-known companies collect, process and often resell piles of unwanted gifts, flawed merchandise and other items that shoppers simply regretted buying. This holiday season, goods with an original retail value of $19.4 billion—nearly one-quarter of e-commerce sales—are expected to be returned, writes the WSJ. Hey, this provides more support for the position that the most economically efficient gift is…. cash.
10. Video of the Day. Another Milton Friedman classic video from around 1980, when the Nobel economist schools a young David Brooks and some other college-age students about why higher education NOT be subsidized by coercive taxation.
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