Economics Roundtable

Technical Problems 1/21/15

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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.


Jobs

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 .


Click on the image to get a bigger version.


Graph-of-the-Year Candidates

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.


Remember M1?

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?


Click on the chart for a larger version.


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macroblog

"The Atlanta Fed’s macroblog provides commentary on economic topics including monetary policy, macroeconomic developments, financial issues and Southeast regional trends.

Authors for macroblog are Dave Altig and other Atlanta Fed economists.”


February 26, 2015, 3:23 pm, 1429757
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The last payroll employment report from the U.S. Bureau of Labor Statistics (BLS) included some relatively good news on wages. Private average hourly earnings rose an estimated 12 cents ...


February 23, 2015, 3:23 pm, 1427429

In a July 2013 macroblog post, we discussed a couple of questions we had posed to our panel of Southeast businesses to try and gauge how they respond to changes in commodity prices. At the time, we were struck by how differently firms tend to react ...


February 20, 2015, 1:23 pm, 1426185

Each month, we ask a large panel of firms to compare their current sales with "normal times." In our February survey, the firms in our panel reported their sales were approaching normal. Indeed, on average, larger firms (those with 100 or more employees) tell us sales levels ...


February 17, 2015, 5:23 pm, 1423989

In recent months, there's been plenty of discussion of the surprisingly sluggish growth in hourly wages. It certainly has the attention of our boss, Atlanta Fed President Dennis Lockhart, who in a speech on February 6 noted that

The behavior of wages and prices, in contrast, remains less encouraging, ...


February 12, 2015, 3:23 pm, 1421457

Compared with 2007, the U.S. labor market now has about 2.5 million more people working part-time and about 2.2 million fewer people working full-time. In this sense, U.S. businesses are more reliant on part-time workers now than in the past.

But that doesn't necessarily imply we are moving toward a ...


January 15, 2015, 11:23 am, 1405080
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The National Federation of Independent Business's (NFIB) small business optimism index surpassed 100 in December, a sign that small business' outlook on the economy has now reached "normal" long-run average levels. ...


January 9, 2015, 9:24 am, 1401637

In the previous two macroblog posts, we introduced you to the inflation expectations of firms and argued that the question you ask matters a lot. In this week's final post, we examine another important dimension of our data: inflation uncertainty, a topic of some deliberation at the ...


January 7, 2015, 5:24 pm, 1400560

In our previous macroblog post, we discussed the inflation expectations of firms and observed that—while on average these expectations look similar to that of professional forecasters—they reveal considerably more variation of opinion. Further, the inflation expectations of firms look very different from what we see in the household ...


January 5, 2015, 3:24 pm, 1399043
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Inflation expectations matter. Just ask any central banker (such as the Federal Reserve, the European Central Bank, ...


December 23, 2014, 5:24 pm, 1394070

Today's sharp upward revision to the third-quarter GDP reading reinforces the view that the underlying strength of the U.S. economy has been sufficient to support more rapid improvement in the labor market. Last week we noted the solid and broad-based recent improvement in the involuntary part-time work ...