Real average and aggregate wages declined in October October’s consumer inflation reading came in at a surprisingly high +0.4%, which as shown in red in the graph below, was one of the 3 highest in the past two years. Meanwhile average hourly earnings increased less than +0.2% – the second lowest reading in the past […]
How economists blew the analysis of the manufacturing jobs shock I came across this article yesterday, posted by – to his credit – Brad DeLong, whose argument it eviscerates. Entitled “The Epic MIstake about Manufacturing That’s Cost Americans Millions of Jobs,” it deserves widespread attention. So I am summarizing it here. But by all means go and […]
(Dan here…see previous posts VSPS get their budget deal 2015 Econospeak and Gas all boomers or at least tax and cut 2015 Econospeak Also see Millenials and baby boomers) “ok boomer ” or “gas all boomers” Within the last week or so there seems to have been an explosion of yattering over “ok […]
Scenes from the October employment report: leading sectors remain poor Yesterday I discussed unemployment and labor force participation from last week’s jobs report, which with the significant exception that better wage growth would probably lead to more people deciding that they’d like a job, remains very positive. Today let’s look at the bad news, which […]
by New Deal democrat Weekly Indicators for November 4 – 8 at Seeking Alpha My Weekly Indicators post is up at Seeking Alpha. The biggest story of the week was the move higher in long term interest rates. This means that the “yield curve inversion” you’ve read so much about in the past year is over. […]
David Zetland….”For years, I have complained that “nobody wakes up in the morning, looks at GDP statistics, and changes their plans for the day.” Listen to this podcast on mis-measuring productivity and manufacturing statistics, which may have given populists excuses to “fix” problems that never existed. (My impression is that many more people would be happier if they looked […]
Mankiw’s Ideal Democrat (Bloomberg Alert) Greg Mankiw has always been a Never Trumper: I just came back from city hall, where I switched my voter registration from Republican to unenrolled (aka independent). Two reasons: First, the Republican Party has largely become the Party of Trump. Too many Republicans in Congress are willing, in the interest of […]
Scenes from the October employment report: full employment? Last Friday the household jobs report – the one that tells us about unemployment, underemployment, and labor force participation – has been particularly strong in the past three months. This has driven some impressive gains in labor force participation and the unemployment rate. To begin with, gains […]
With the presidential election still a year away, Wall Street is starting its normal analysis that if a democrat is elected it will cause a devastating stock market crash. One would think that after all these years of such claims being proven dead wrong that the street would finally give up on it. In the […]