September Payroll Employment
We are still 1% off the previous peak in jobs.
Click on the image to get a bigger version.
The best summary of the state of our economy is the graph (below) of employment as a fraction of population for people over 16 years old. The decrease is large, but the most troubling feature of the graph is the flat trend .
Focus on the Problem
U.S. payroll employment peaked at 132.5 million jobs in February 2001. For April 2012, U.S. payroll employment had reached 133.0 million jobs, marking the third month in a row above the February 2001 level.
Donald Marron likes European interest rates. Click on the image to get a bigger version. Can you find three distinct subperiods?
Brad DeLong favors the U.S. gdp gap.
Looking Up At 2001
In February 2001, U.S. payroll employment peaked at 132.5 million. The November 2011 figure of 131.7 million still falls 800,000 jobs short of the earlier peak.
Money Supply M1 growth is now over 20% per year over a 12 month lag. M1 growth has touched 20% before, but not with excess reserves of $1.6 trillion. Where is M1 headed?
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The Borjas Blog
"George Borjas’s thoughts on immigration, labor markets, and random stuff”
What's the world coming to?First, I read about American Express offering some of its customers $300 to close their accounts. (Note to AMEX: how come ...
There's a very interesting article in Forbes about Indian immigration to the United States.
Having lived in California for a long time, I followed the budget crisis there with some interest. Last night, I ran across this item in Instapundit
Immigration, both legal and illegal, was the silent issue in the presidential campaign--despite the rapidly deteriorating economic conditions. I suspect that the worsening labor market will force President Obama to wrestle with the immigration issue sooner rather than later. It'll be hard to justify a ...
I can hardly believe it, but the fifth edition of my textbook
I've been meaning to post that the paper that Jeff Grogger, Gordon Hanson and I wrote on the impact of immigration on the African-American community is now in final form. Here is the abstract:
I've been following the work of the Center for Immigration Studies since the mid-1990s. They regularly publish empirical research on immigration, and I happen to be friends with both the head ...
I've been thinking for some time about the theoretical underpinnings of how immigration affects labor market conditions in sending and receiving countries. It seems to me there is a lot of confusion--some of it needless, some of it deliberate--and all kinds of conceptual ...
The WSJ has a very interesting article:
The Great U-Turn: The developed world, which for decades has offered a difficult but promising path to upward mobility, ...