Economic Performance and its Alignment with Sustainable Development Goals

Executive Summary: Economic Indicators and SDG 8

A recent analysis of national employment data reveals a complex economic landscape that presents both opportunities and significant challenges to the achievement of Sustainable Development Goal 8 (Decent Work and Economic Growth). While headline figures suggest positive growth, underlying trends indicate a potential divergence from the core principles of providing decent work for all.

Key warning signs that challenge progress towards SDG 8 include:

• Stagnated growth in wages, impacting the purchasing power and economic security of workers.
• A consecutive monthly decline in manufacturing sector jobs, indicating instability in a key employment area.
• An increase in the unemployment rate specifically among Black Americans, highlighting a failure to ensure inclusive growth.

Assessment of Financial Well-being and SDG 1: No Poverty

A national survey on public perception of financial security underscores the challenges in meeting Sustainable Development Goal 1 (No Poverty). The findings reveal that a significant portion of the population experiences financial precarity, suggesting that economic growth is not translating into widespread economic well-being.

1. Only 30% of likely voters report having sufficient income to comfortably provide for their household’s needs.
2. A plurality of 43% indicate that while they have enough income, their financial situation is tight.
3. A substantial 20% of respondents report that they do not earn enough to provide for the needs of all household members, placing them at risk of poverty.

Disparities in Economic Outcomes and their Impact on SDG 5 and SDG 10

The data reveals significant disparities that directly contravene the aims of Sustainable Development Goal 5 (Gender Equality) and Sustainable Development Goal 10 (Reduced Inequalities). Specific demographic groups are disproportionately affected by economic instability, indicating that systemic inequalities persist.

• Gender Inequality (SDG 5): Women report at a higher rate than the general population that their household income is insufficient to meet their needs, highlighting persistent gender-based economic disparity.
• Racial Inequality (SDG 10): Black voters also report insufficient household income at a higher rate. This, combined with rising unemployment for Black Americans, points to a widening inequality gap that undermines the objective of shared prosperity.

SDGs Addressed in the Article

• SDG 1: No Poverty
• SDG 5: Gender Equality
• SDG 8: Decent Work and Economic Growth
• SDG 10: Reduced Inequalities

Identified SDG Targets

1. SDG 8: Decent Work and Economic Growth

   • Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men… and equal pay for work of equal value.
     
     Explanation: The article directly discusses employment metrics such as “net job gains” and the “unemployment rate.” It also touches upon the quality of work and pay by mentioning “slowed wage growth” and the perception that “available jobs can not provide for their needs,” which relates to the concept of decent work.
   • Target 8.2: Achieve higher levels of economic productivity through diversification… including through a focus on high-value added and labour-intensive sectors.
     
     Explanation: The report’s mention of “decreased manufacturing jobs for the second consecutive month” points directly to changes in specific economic sectors and their productivity, which is a key concern of this target.

2. SDG 1: No Poverty

   • Target 1.2: By 2030, reduce at least by half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions.
     
     Explanation: The survey finding that “20% say they do not make enough to provide for all household members’ needs” serves as a direct measure of poverty or financial precarity within a national context, aligning with this target.

3. SDG 10: Reduced Inequalities

   • Target 10.2: By 2030, empower and promote the social, economic and political inclusion of all, irrespective of… sex, … race, … or other status.
     
     Explanation: The article explicitly highlights economic disparities by mentioning “increased unemployment among Black Americans” and that “Voters who are Black and/or women say that their household’s income is not enough to provide for their household members’ needs at a higher rate.” This points to a lack of economic inclusion for these specific demographic groups.

4. SDG 5: Gender Equality

   • Target 5.5: Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic and public life.
     
     Explanation: While the target is broad, its emphasis on equal opportunities in economic life is relevant. The article’s finding that women report insufficient household income at a higher rate than the general population indicates an inequality in economic outcomes, which this SDG aims to eliminate.

Implied Indicators for Measuring Progress

1. SDG 8: Decent Work and Economic Growth

   • Unemployment Rate: The article explicitly mentions the “lower-than-expected unemployment rate” as a key metric. This is a direct indicator (like 8.5.2) for measuring employment.
   • Wage Growth Rate: The mention of “slowed wage growth” is a direct indicator (like 8.5.1) used to measure whether work is decent and provides a fair income.
   • Job Creation/Loss by Sector: The data on “decreased manufacturing jobs” serves as an indicator for tracking the health and productivity of different economic sectors (related to Target 8.2).

2. SDG 1: No Poverty

   • Proportion of Population with Insufficient Income: The survey metric where “20% say they do not make enough to provide for all household members’ needs” acts as a direct, nationally-defined indicator for poverty and financial hardship (related to Indicator 1.2.2).

3. SDG 10: Reduced Inequalities

   • Unemployment Rate by Race: The specific mention of “increased unemployment among Black Americans” is a disaggregated indicator used to measure economic inequality between racial groups (related to Indicator 10.2.1).
   • Income Insufficiency by Race and Gender: The finding that “Voters who are Black and/or women say that their household’s income is not enough… at a higher rate” serves as a disaggregated indicator to measure economic inequality based on race and gender.

Summary of SDGs, Targets, and Indicators

Source: dataforprogress.org