We examine whether the benefits of high school work experience have changed over the last 20 years by comparing effects for the 1979 and 1997 cohorts of the National Longitudinal Survey of Youth. Our main specifications suggest that the future wage benefits of working 20 hours per week in the senior year of high school have fallen from 8.3 percent for the earlier cohort, measured in 1987-1989, to 4.4 percent for the later one, in 2008-2010. Moreover, the gains of work are largely restricted to women and have diminished over time for them. We are able to explain about five-eighths of the differential between cohorts, with most of this being attributed to the way that high school employment is related to subsequent adult work experience and occupational attainment.
The Changing Benefits of Early Work Experience
We explore the effects of having a large dominant competitor and show conditions under which focusing on a competitive threat, rather than hiding it, can actually help a brand. We demonstrate through lab and field studies that highlighting a large competitor’s size and close proximity can help smaller brands instead of harming them. We find that support for small brands goes up when faced with a competitive threat from large brands, versus when they are in competition with brands that are similar to them, or when consumers view them outside of a competitive context. This support translates into purchase intention, real purchase, and more favorable online reviews in a study of over 10,000 Yelp posts. We argue that this “framing the game effect” is mediated by consumers’ motivation to express their views and have an impact in the marketplace through their purchasing.
Positioning Brands Against Large Competitors to Increase Sales
The average price per gallon for all formulations of regular gasoline was $3.49 during the month of August, as reported by the U.S. Energy Information Administration. That is down 12 cents from July, and down about 9 cents from August of last year.
Diesel fuel was $3.84 per gallon in August from $3.88 last month.
U.S. consumer confidence increased to a reading of 92.4 (1985=100) in August, as published this morning by The Conference Board. This compares to a revised reading of 90.3 in July, and is the highest consumer confidence has been since October 2007.
The Present Situation Index component increased to 94.6 from 89.7, while the Expectations Index component decreased to 90.9 from 91.9.
Says Lynn Franco, Director of Economic Indicators at The Conference Board: “Consumer confidence increased for the fourth consecutive month as improving business conditions and robust job growth helped boost consumers’ spirits. Looking ahead, consumers were marginally less optimistic about the short-term outlook compared to July, primarily due to concerns about their earnings. Overall, however, they remain quite positive about the short-term outlooks for the economy and labor market.”
The U.S. consumer sentiment index, reported by the University of Michigan, decreased to 79.2 in August from 81.8 in July.
The Conference Board’s index has been trending upwards in 2014 while the University of Michigan’s index has been relatively flat.
Deron Williams went like 0-for-9. I was like, ‘Can you believe Deron Williams went 0-9?’ Kobe was like, ‘I would go 0-30 before I would go 0-9. 0-9 means you beat yourself, you psyched yourself out of the game, because Deron Williams can get more shots in the game. The only reason is because you’ve just now lost confidence in yourself.’
Sports Illustrated interviews Kobe Bryant
S&P Case-Shiller Home Prices increased in June, with the 10-City composite and 20-city composite indices both ticking up 1.0% (not seasonally adjusted).
Year over year, the 20-City Composite is up 8.1%. This is a rapid growth rate, but is considerably lower than the 9.4% Y/Y rate in May and the 13.6% Y/Y rate in October 2013.
The national house price level is now roughly equal to where it stood in October 2004.
Of the 20 cities tracked in the index, Los Angeles has had the greatest increase in home prices since 2000, while Detroit has been the only city where prices have declined over the past 14 years.
From a year ago, house prices have increased the most in Las Vegas, where they rose 15.2%. Cleveland has had the slowest rate of annual increase, rising only 0.8%.
Dallas and Denver are the only cities whose prices have increased beyond their pre-recession peak. Las Vegas remains the furthest below its peak.
The U.S.Federal Housing Finance Agency also released its June House Price Index figures today. They saw national house prices increasing 0.4% in June (not seasonally adjusted), and increasing 5.1% from a year ago.
The FHFA HPI is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac.
The U.S. index is 6.4% below its April 2007 peak and is roughly the same as its July 2005 index level.
The FHFA tracks 9 different geographic census divisions.
In both the Case-Shiller index and the FHFA index house prices continue to increase, but the pace is slowing.