May 2014 Payroll Employment
After 76 months, we finally got back to the prerecession level of payroll employment.
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 .
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.
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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Carpe Diem (Mark J. Perry)
"Mark J. Perry’s Blog for Economics and Finance”
1. Venn Diagram of the Day I (above). By special request from Don Boudreaux to supplement his recent post (“A Mark Perry Venn Diagram?“) ...
1. Chart of the Day I (above). The US Homeownership Rate Fell to a Five-Decade Low of 63.1% in Q2 2016, the Lowest Rate since 1965, read more ...
A slightly edited and shorter version of my op-ed in today’s WSJ (with Michael Saltsman), “The Fight for $15 Will Hit North Philly Hard“:
Vermont Sen. Bernie Sanders may not be the Democratic presidential nominee in 2016, but his influence can be seen in the $15-an-hour federal minimum wage that ...
…. is from Thomas Sowell:
People who expected the election of President Barack Obama to lead to racial healing and a post-racial society failed to take account of the political reality ...
Starting at about 20:42 in the video above of a lecture at Kansas State University in 1978, Dr. Milton Friedman provides some remedial economic education about trade and what constitutes a “favorable balance of trade” for Donald Trump and others who suffer from “upside-down” thinking about ...
…. is from Thomas Sowell:
If there were a contest for the most stupid idea in politics, my choice would be the assumption that people would be evenly distributed in incomes, ...
Aren’t competition and creative destruction great for consumers? Exhibit A: Uber and Lyft Are Dominating Business Travel, via Fortune:
At an unprecedented pace, ride-hailing services like Uber and Lyft have ...
Some recent examples of fallout from increases in the minimum wage in California (eventually to $15 an hour):
1. Sacramento’s “Almost Perfect Bookstore” is closing its brick-and-mortar store due to rising labor costs from the “Way-Far-From Perfect $15 Minimum Wage Increase” in California, see details here.
2. Iconic LA Diner Pann’s ...
Wow, I really stirred up a hornet’s nest by bringing public attention to Michigan State University’s (probably illegal) women-only study lounge, see previous CD posts here and here. The vitriol, hatred, and hostility directed towards me by email, voicemail and on Twitter have been disturbing and disappointing, more ...