September Payroll Employment
We are still 2% 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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"Small steps toward a much better world”
2. The top ten martial arts movies (but where is Drunken Master 2 on the list?).
From the comments, Stephen Williamson quotes/writes:
“…but it’s not nearly a close enough engagement with the evidence, which does pretty clearly show some short-run effects [from QE] are still operating, even if those effects are diminishing with time.”
I’d be curious to know what “evidence” it is that “clearly” ...
During his tenure, the zoning rules for 37 per cent of the city were changed to permit redevelopment by the private sector, and work on some of the biggest projects is just getting started as he prepares to leave office at the end of this month.
“He is going to define ...
3. White and Asian per capita incomes, in South Africa, are up significantly since Mandela’s election victory in 1994.
4. Innovation changes everything, by Seth Roberts.
The National Reconnaissance Office (NRO) launched a new spy-satellite, NROL-39, on Dec. 5. When I first saw this I felt sure it couldn’t be real, it must be from The Onion but no, this is the official logo for the satellite which you can see on the rocket and in ...
…longer-term budgets have important advantages. They reduce uncertainty for the ministries, agencies and private companies that depend on government funds. Public investment in infrastructure is a good example; so are defense contracts. In each case, long-term engagements need to be made with contractors and the results take years to ...
Man bites dog, but this time it is good news, sort of:
For just over 10 years—121 straight months—there was one constant in the monthly jobs report: Health care jobs would go up.
Health care lost 2,500 jobs in September, the Bureau of Labor Statistics concluded in estimates released last month. And if ...
1. Ted Gioia’s 100 best albums of 2013. Ted understands the acoustical nature of music, and the creation of alternative sound worlds, better than any other music critic I read. Someone constructed a playlist from Ted’s picks here. And The Economist picks best books ...
There is a new paper by Lars P. Feld, Sarah Necker, and Bruno S. Frey, and here is the abstract:
This study investigates the determinants of economists’ life satisfaction. The analysis is based on a survey of professional, mostly academic economists from European countries and beyond. We find that ...
The National Council of the American Studies Association announced Wednesday that it has unanimously endorsed a boycott of Israeli universities and other Israeli institutions — and urged its members to vote to make the boycott official policy ...