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Overall labor market indicators point to improvements for middle- and lower-income workers, with “functional unemployment rates” declining and earnings rising for key demographics, according to a report by the  Ludwig Institute for Shared Economic Prosperity (LISEP). But the report also reveals gains are unevenly distributed, with women in the workforce losing ground for the second consecutive quarter, resulting in the widest gender pay gap in two years.

LISEP issued its monthly True Rate of Unemployment (TRU) for June in conjunction with the Q2 2024 True Weekly Earnings (TWE) report. TRU is a measure of the “functionally unemployed” — defined as the jobless plus those seeking, but unable to find, full-time employment paying above poverty wages (pegged at $25,000 a year in 2024 dollars), while TWE is a measure of median weekly earnings (after adjusting for inflation) for all members of the workforce. This includes part-time workers and the jobless who are seeking work. By comparison, the Bureau of Labor Statistics headline numbers only include those who are employed at full-time jobs.

The TWE rose $3 a week in Q2, from $958 to $961 — but it remains 2% lower than its Q4 2023 levels ($20/week). Black workers experienced the most significant quarter-over-quarter growth at 3.1%, rising to $810, a $24/week increase — but their earnings remain 2.9% below Q4 2023 levels. Hispanic workers also saw gains, with earnings up 2.9% ($12/week) to $788. White workers lost ground, dropping 1.5% ($16/week) to $1,064.

Meanwhile, women’s earnings declined for the second consecutive quarter, dropping 1.4% ($12/week) to $846, while men saw a 0.9% increase ($10/week) to $1,096. This disparity equates to women earning 77 cents for every dollar earned by men — resulting in the widest gender pay gap since 2022. Low-wage workers also experienced a setback, with earnings for the bottom quartile falling 0.1% to $599, declining for the third consecutive quarter.

“While median wage growth is encouraging, a closer examination reveals some alarming trends,” said LISEP Chairman Gene Ludwig. “Even though Black and Hispanic workers experienced wage gains, these increases were not sufficient to close the persistent income gap. Moreover, women and low-wage workers face declining earnings. Overall improvement does little for those who continue to lose ground in an otherwise strong economy.”

The overall TRU also improved in June, falling 0.1 percentage points to 24.5%, primarily due to easing pricing pressures. Black and Hispanic workers experienced TRU decreases of 1.2 and 2.1 percentage points, respectively, to 26.9% and 26.8%. The TRU for White workers rose 1.1 percentage points, to 23.8%. But unlike the TWE, the TRU for men increased 0.3 percentage points to 20.2%, while the rate for women improved, dropping 0.5 percentage points, to 29.4% — largely driven by a rising labor force participation rate for men and a declining participation rate for women. This month’s slight improvement diverges from the TRU’s rising trajectory since the beginning of the year.

“While we would like to see a silver lining in even modest improvements, more sustained progress needs to be made to reverse the worsening economic picture faced by low- and middle-income workers over the last year,” Ludwig said. “If we are to right the ship, we need a wholesale shift in how we manage the economy. And that begins with policymakers focusing economic stimulus efforts on those individuals, and communities, that need it the most.”

Capitol Beat is a nonprofit news service operated by the Georgia Press Educational Foundation that provides coverage of state government to newspapers throughout Georgia. For more information visit capitol-beat.org.

A nonprofit nonpartisan watchdog group filed a lawsuit Friday charging the State Election Board with violating Georgia’s Open Meetings Act after meeting last week without legally required public notice or a quorum.

The three Republicans on the five-member board gave preliminary approval during a special meeting last Friday to rules changes that would require local election officials to post daily updates on their websites and inside polling places during early voting and give poll watchers greater access on election nights while votes are being processed.

Action on the two rules had been postponed from three days earlier when the board’s regularly scheduled meeting ran long.

According to the lawsuit, filed in Fulton County Superior Court by the group American Oversight, notice of the special meeting wasn’t posted until late the day before the meeting took place. Even then, the notice was posted outside the meeting room rather than on the board’s website, where meeting notices are usually posted.

Neither board Chairman John Fervier nor Sara Tindall Ghazal, the board’s lone Democrat, were available to attend the meeting, and one of the three Republican board members attended virtually, in violation of the Open Meetings Act, the suit charges.

“Three members of the State Election Board rammed through a last-minute meeting to consider controversial rule changes without notifying the public,” said Chioma Chukwu, American Oversight’s executive director.

“Georgia’s Open Meetings Act and others like it are vital to a functioning democracy by helping ensure official actions are conducted in full view of the public. Attempts to maneuver around it to advance changes to Georgia’s election rules are a clear violation of this law.”

The lawsuit seeks to have the rules changes voted on during the meeting declared null and void and the meeting itself declared invalid.

The board is expected to conduct a final vote Aug. 6 on the two rules changes as well as a proposal board members tentatively approved during the earlier regularly scheduled meeting that would make it easier for local elections officials to challenge the certification of election results.

 

Despite home price growth stabilizing, becoming a homeowner remains largely out of reach for many Americans. A recent Cato Institute housing affordability survey found that 87% of Americans are worried about housing costs. Additionally, 55% of homeowners indicated they couldn’t afford to buy their current home at today’s prices, and 69% are concerned that their children or grandchildren won’t be able to afford a home in the future.

Multiple factors have contributed to the difficulty of buying a home, but most stem from an underinvestment in building new affordable housing. The seasonally-adjusted annual rate of residential construction spending rose by over $700 billion (adjusted for inflation) from its low in February 2012 to its peak in May 2022. However, since then, it has decreased by nearly $150 billion—which means that less money is being allocated towards new housing inventory.

While nationwide construction spending has declined, some states and cities are managing to build more affordable housing units. Researchers ranked locations by average construction value per new housing unit authorized in 2023.

These are the main takeaways from the report, highlighting some key stats for Georgia:

• Decades of low levels of residential construction have now created a national shortage of at least 5.5 million homes. This shortage intensifies competition, driving up prices: between February 2020 and May 2022, the median home sale price surged from $303,000 to $415,000, a 37% increase in just over two years.

• Today, home prices are about 40% higher than pre-pandemic levels—but with mortgage rates doubling, the monthly mortgage payment for a median-priced home has more than doubled since early 2020.

• Georgia reports an average cost of $230,662 per new housing unit, the 14th lowest of any state.

For the full report visit constructioncoverage.com

You may notice a large construction project off Interstate 95 near Brunswick if you’re traveling along the Georgia coast. It’s a project you’ll want to keep an eye on if you’re a fan of Buc-ee’s.

The popular travel center chain officially began construction this month on its new location off I-95 and Ga. 99 in Brunswick.

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We are excited to share the inspiring journey of Jazmin, a former foster child who is now thriving as a nursing student at North Georgia Technical College. Entering the foster care system at the age of 14, Jazmin faced significant challenges, including transitioning through various living situations before finding a supportive foster family.

From a young age, Jazmin aspired to become a nurse, driven by a desire to help others. Thanks to the Fostering Success Act, Jazmin has received essential support, including assistance with her car and phone bills, enabling her to focus on her studies and career goals.

Despite facing financial hurdles, Jazmin’s determination and the support from FSA have kept her on track. She dreams of becoming a travel nurse and achieving the highest degree in her field. Jazmin’s recent academic success, highlighted by her excitement over receiving all A’s, is a testament to her hard work and the impact of FSA’s support.

Jazmin’s story is a powerful reminder of the difference we can make. By taking advantage of the Fostering Success Act’s tax credit program, you can help foster youth like Jazmin pursue their dreams and it costs you nothing. Visit fosteringsuccessact.org to learn more and make a difference today.

Are you wondering if Rentometer is still a viable option for 2024? We reviewed it in depth and covered the best Rentometer alternatives. Table of Contents What Is Rentometer? Rentometer…

Technological advances have long transformed the way people work, but the current pace of change appears unprecedented. From the advent of personal computers in the 1970s to the introduction of the World Wide Web in the 1990s, followed by the emergence of smartphones, social media, and cloud computing in the 2000s, recent decades have seen significant shifts in how we work. And now, in the 2020s, the latest transformational force appears to be artificial intelligence (AI).

The field of AI research dates to the 1950s but has blossomed in recent years. Machine learning algorithms are now integrated into various products and services, including product recommendations, fraud detection, and self-driving vehicles. Recently, the development of generative AI products like OpenAI’s ChatGPT and Google’s Gemini has enabled users to interact with sophisticated chatbots and generate text or images based on prompts. For many, these innovations have shifted AI from a science fiction concept to a practical tool for work and creative pursuits.

With the proliferation of AI-related research and new AI-enabled technologies, computers now have the potential to disrupt many industries previously believed to be insulated from automation—but, due to the distribution of industries and jobs across the country, AI-driven job displacement is likely to impact some areas more than others.

To determine the locations with the most workers at risk of AI-related job displacement, researchers calculated the percentage of workers in occupations that have both high AI exposure and high probabilities of computerization, then ranked locations accordingly. 

These are the main takeaways from the report:

• The trend toward computerized automation has historically made lower-income jobs more vulnerable to displacement, but AI changes that dynamic: AI-related automation shows a loose positive correlation with income, suggesting that higher earners may now face greater risk.

• One useful way to understand AI’s impact on the labor force is to classify occupations based on their degree of AI exposure—how integral AI is predicted to be in their field—and the probability of computerized automation. For instance, professions like lawyers, CEOs, and civil engineers might rely on AI to enhance decision-making, but face low probabilities of being completely automated.

• Conversely, occupations with both high AI exposure and high risk of automation include loan officers, accountants, and paralegals, whose tasks and knowledge can be more easily learned and replicated by AI systems.

• Jobs such as farm laborers or fast food cooks are unlikely to be significantly impacted by AI, but can be automated using non-AI-based computerized machines. Meanwhile, highly hands-on professionals like dancers, firefighters, and plumbers face both low AI exposure and low risk of automation.

Stats for Georgia:

• In Georgia specifically, 8.6% of all workers are at risk of AI-related automation. Additionally, 45.8% of Georgia’s workforce is at risk of any computerized automation.

• Overall, the share of Georgia workers vulnerable to AI-related job displacement is smaller than the national average of 8.9%.

Beyond the well-known products and media attention, progress in AI is further demonstrated by the surge in research and development. According to Stanford University’s 2024 Artificial Intelligence Index Report, AI-related patent filings have increased exponentially, from approximately 3,500 in 2010 to over 190,000 in 2022. Similarly, the total number of AI publications nearly tripled over the same period, rising from around 88,000 in 2010 to more than 240,000 by 2022.

This extensive research has led to rapid improvements in AI performance across various competencies. For example, the most advanced AI systems now outperform humans in image, language, handwriting, and speech recognition, as well as language understanding and reading comprehension. As of last year, these models nearly matched human performance on predictive reasoning tests, heightening concerns about the potential impact of AI on the workforce.

For the complete results visit www.uncommonlogic.com

Small and midsize business (SMB) CEO confidence decreased slightly to 83.3 in Q2 2024, according to the latest CEO Confidence Index released by CEO coaching and peer advisory organization Vistage.

The dip in CEO confidence occurred after four consecutive quarters of gains, driven by a decrease in economic optimism. Nearly two-thirds (64%) of CEOs report higher interest rates are impacting their business, directly affecting profitability.

“It’s not swimming, but it’s not drowning is the best way to describe CEO’s wavering confidence,” said Joe Galvin, Vistage’s chief research officer. “CEOs, however, are not treading water while waiting for the economy to spark. Instead, they are focused on improving productivity internally to counteract external economic hardships. Our data shows there are four strategies that CEOs are implementing across the board: utilizing AI and automation, enhancing training and development, implementing technologies to streamline processes, and improving employee engagement and culture.”

Vistage has measured SMB CEOs’ sentiment on a variety of economic and business factors every quarter since 2003. Analysis using ITR Economics’ rate-of-change methodology has revealed the Vistage CEO Confidence Index to be a leading indicator of the U.S. Industrial Production Index nine months in advance.

“The promise of a future growth cycle remains,” Galvin said. “It’s maybe just a little further out than we’d hoped, based on the decline of the Index this quarter.”

Lauren Saidel-Baker, CFA and economist at ITR Economics noted, “Despite the dip in the Vistage CEO Confidence Index, it’s crucial to contextualize this data within broader trends. Long-term rates of change are still rising, suggesting that the current decline might not signal a prolonged downturn.” She added, “Regarding labor market trends, wage inflation remains a significant issue due to a mismatch between job openings and available workers. CEOs should focus on retaining top talent and making efficient investments like AI and technology to prepare for the anticipated growth in 2025.”

Q2 2024 Vistage CEO Confidence Index highlights include:

Economic pessimism among CEOs increases.

• The number of CEOs reporting economic improvement over the past year fell to 18% in Q2, compared to 26% in Q1 2024.

• 23% of CEOs expect the economy to improve in the next year, down from 26% the prior quarter.

Inflation and interest rates are impacting businesses.

• 64% of SMBs reported that they are feeling the impacts of higher interest rates.

• CEOs cited labor as the biggest source of inflation (59%).

• Raw materials were the second biggest source of inflation at 12%.

AI is no longer the future of the workplace; it is in the present.

• 30% of CEOs are increasing spending in AI, with another 12% redirecting existing budgets towards AI.

• 55% are making no changes to their AI spending, which corresponds to the 55% who are also not adjusting staff or training because of AI.

• When asked about how AI is impacting their hiring:

• 32% of CEOs say they are training staff.

• 8% of CEOs say they are hiring new talent.

• 6% of CEOs say they are creating new roles or teams.

• 11% of CEOs say they are redefining job roles.

See the full results of the Q2 2024 Vistage CEO Confidence Index at vistage.com/ceoindex.

Nearly three in four Americans (74%) find that the cost of celebrating major life milestones with their family and close friends affects their financial well-being. Yet most are loath to share their feelings and concerns with loved ones, according to the results of a new survey by Achieve, the leader in digital personal finance.

Achieve’s think tank, the Achieve Center for Consumer Insights, conducted the “Cost of Being There” survey to examine how consumers manage the expense of participating in major life milestone events like weddings, bachelorette/bachelor parties, milestone birthdays, baby showers and graduations. The research found that while most Americans believe participating in these events takes a toll on their financial well-being, less than half (48%) said they are comfortable citing financial reasons for declining to participate in these events.

When asked how much pressure they feel to spend money attending milestone events for family and friends:

• 15% feel “extremely” or “very” pressured

• 36% feel somewhat pressured

• 49% said they experience little to no pressure to spend

Compared to older generations, younger Americans, including members of the Gen Z and Millennial generations, were both more likely to say they’re affected financially by participating in milestone events and more willing to share that reason with loved ones. As a result, 67% of Gen Z respondents said they’ve opted out of participating in a milestone event over the past three years because of the cost, compared to 47% of Millennials, 48% of Gen X and 30% of Baby Boomers.

The impact of loud budgeting

“You only have to look at the loud budgeting trend to see that younger Americans are generally more comfortable talking about their financial challenges than older generations,” said Sean Fox, President of Debt Resolution at Achieve. “Millennials came of age during the Great Recession, while their Gen Z peers watched their parents and families struggle through both the 2008 financial crisis and COVID-19 pandemic. So for many, these topics are less taboo because they’ve had a near-constant presence in their lives. Despite the benefits of creating and discussing budgets, the cost of attending oftentimes pricey events can have a lasting impact on finances.”

“Loud budgeting,” a money management technique recently popularized on social media, encourages individuals to be vocal about prioritizing their budgets and commitment to their financial boundaries or goals.

In examining the loud budgeting trend, Achieve found:

• Overall, 44% of respondents have tried or currently practice loud budgeting

• The trend is more popular among Millennials (48%) than Gen Z and Gen X (45% each) and Baby Boomers (37%).

• 48% of women have loud budgeting experience, compared to 39% of men.

• Loud budgeting experience was nearly identical among respondents with household incomes of up to $50,000 (43%) and over $50,000 (44%).

Among respondents who currently practice or have tried loud budgeting, 67% of respondents said the people around them are generally supportive of their financial goals and 59% said others are willing to do less-expensive activities in order to spend time together. However, 29% of loud budgeters said they’ve been criticized or ridiculed for the practice and 10% don’t believe people in their lives respect the boundaries they set about spending. In addition, far fewer respondents said that loud budgeting has led to improvements in their physical health (35%) or love lives (24%).

How much is enough to spend on milestone moments?

So just how much are Americans willing to spend to attend milestone events, and are they ok taking on debt to pay for it? Achieve found that willingness to spend money or incur debt to take part in milestone events frequently comes down to relationships. Nearly half of Americans were more likely to spend over $500 on milestone events for their spouse/significant other, their dependent children and their adult children, including approximately 30% of survey respondents who said they’re willing to spend over $1,000 on the milestones of their immediate family members.

Achieve found that 79% of Americans typically need more than a month to save money or make other financial arrangements to attend milestone events, including 18% who said it typically takes over six months to prepare financially.

“Saving money ahead of time, rather than using credit cards and paying them off later, is a helpful strategy to mitigate the financial strain of attending milestone events because it can reduce or eliminate additional interest charges that can make an expensive event even more costly,” said Fox.

In addition to being willing to spend the largest amounts of money on the milestone events of their significant others and both young and adult children, respondents also said they were more willing to take on debt to cover these expenses. Conversely, respondents said they’re less interested in spending money on events for coworkers and the friends of their spouse or significant other.

Methodology

The data and findings presented are based on an Achieve survey conducted in April 2024 consisting of 1,000 U.S. consumers ages 18 and older, and is representative of Census Bureau benchmarks of the U.S. population for age, gender, race and ethnicity.