The Importance of Data Occupations in the U.S. Economy

The Economics and Statistics Administration of the U.S. Department of Commerce released a March 12, 2015 report entitled The Importance of Data Occupations in the U.S. Economy. The report identifies "occupations where data analysis and processing are central to the work performed" and measures "the size of employment and earnings in these occupations, as well as in the industries that have the highest concentration of these data occupations."

The key findings of the report are:

• Employment where data is central to the job was about 10.3 million in 2013 (of which 1.6 million were government workers), or about 7.8 percent of all employment. However, including occupations where working with data is at least an important part of the job dramatically increases that number: to 74.3 million jobs, or over half of the workforce.
• Hourly wages for private-sector workers in data occupations, which are concentrated in the broad categories of business and computer/mathematical occupations, averaged $40.30 in 2013, about 68 percent higher for all occupations
• For these top data occupations, two-thirds or more of the workers have at least a college degree; in comparison about one-third of workers across all occupations have a bachelor’s degree or higher.
• Private sector industries with the highest concentration of data occupations added 1.8 million jobs over the last decade, representing about 31 percent of total private job growth which was four times faster than in private industries overall
• Data intensive industries are located in many states, but the highest concentrations are in Washington, D.C.; Virginia; Massachusetts; Maryland; and Connecticut.

The 2015 Economic Report of the President written by the Chair of the Council of Economic Advisers is now available for download (full report or by chapter) in PDF format. Statistical appendix tables are also available in either PDF or Excel format.

In the introduction President Obama notes that 2014 was a "breakthrough year" with the lowest unemployment rate in over six years, health coverage for more Americans, continued investment in renewable energy and a cut in dependence on foreign oil. For 2015 President Obama would like to focus on three initiatives for the middle class:

• affordable childcare, college, health care, a home, and retirement
• upgraded skills so more Americans can "earn higher wages down the road."
• high-skilled, high-wage jobs supported by "21st century infrastructure — modern ports, stronger bridges, better roads, clean water, clean energy, faster trains, and the fastest internet."

Africa Rising: Harnessing the Demographic Dividend

The International Monetary Fund (IMF) released an August 2014 working paper revealing "Africa will account for 80 percent of the projected 4 billion increase in the global population by 2100." The authors of the paper, Paulo Drummond, Vimal Thakoor, and Shu Yu, state that the increase in this working age population "creates a window of opportunity, which if properly harnessed, can translate into higher growth and yield a demographic dividend." To translate this opportunity into concrete economic growth, the right supportive policies fostering human capital accumulation and job creation must be in place.

For more information access working paper WP/14/143, Africa Rising: Harnessing the Demographic Dividend.

China’s Economic Rise: History, Trends, Challenges, and Implications for the United States

On December 17, 2013 the Congressional Research Service (CRS) released a report by Asian Trade and Finance Specialist Wayne M. Morrison entitled China’s Economic Rise: History, Trends, Challenges, and Implications for the United States, Mr. Morrison discusses both positive and negative aspects of China's economic growth in relation to the United States.

U.S.-China Economic and Security Review Commission 2010 Report

The U.S.-China Economic and Security Review Commission was created on Oct. 30, 2000 to "monitor, investigate, and submit to congress an annual report on the national security implications of the bilateral trade and economic relationship between the United States and the People’s Republic of China, and to provide recommendations, where appropriate, to Congress for legislative and administrative action." The commission's 2010 Report to Congress is now available. Topics addressed in the report are:

• China’s proliferation practices,
• the qualitative and quantitative nature of economic transfers of U.S. production activities to China,
• the effect of China’s development on world energy supplies, 
• the access to and use of U.S. capital markets by China, 
• China’s regional economic and security impacts, 
• U.S.-China bilateral programs and agreements,
• China’s record of compliance with its World Trade Organization (WTO) commitments, and 
• the implications of China’s restrictions on freedom of expression.

The report includes 45 recommendations to Congress.  An executive summary is also available.

Macroeconomic Schools' Response to the Economic Crisis

The November 2009 issue of Liber 8, a newsletter from the Federal Reserve Bank of St. Louis, contains a brief article entitled "How Would Modern Macroeconomic Schools of Thought Respond to the Recent Economic Crisis?"  Written by Michelle T. Armesto, Senior Research Associate,  the article examines how three modern schools of economic thought (the New Keynesian, the Monetarist, and the New Classical) might approach the current economic crisis. Armesto also provides an online bibliography of recent articles and further resources about schools of economic thought.

Economic Downturn Income Tax Issues

Given the current economic situation, the IRS is beginning the 2009 tax season with information to help financially challenged taxpayers. The IRS is doing such things as postponing collection actions, being more flexible with missed payments, conducting second reviews when local real-estate valuations are in question, arranging options to help taxpayers avoid default, and expediting levy releases for hardship reasons. For more details about this assistance, see IRS Begins Tax Season 2009 with Steps to help financially Distressed Taxpayers.

The IRS has also created a page of "what-if" scenarios listing possible consequences for topics ranging from losing a job or losing a home through foreclosure to filing for bankruptcy protection, withdrawing money from an IRA, or facing drops in value for a 401k.

Globalization

This month's issue of the electronic newsletter Liber8 from the Federal Reserve focuses on globalization and concerns Americans have about economic competition from China and India. It includes a summary of the issues, links to recent articles and more in-depth reading, and free data sources.