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So the unemployment rate was on the low side of expectations. However, as I and others have said – hours worked collapsed, so surely this is the first sign of worse to come. However, lets think about this a little more. Falling hours worked only really matter (in a welfare maximising sense) if people want […]
This graph from the Big Picture really tells it all: Source (Big Picture) Employment levels in the US are declining rapidly.
On this fine Waitangi day, Marginal Revolution mentions that Ireland is actually cutting spending in the face of a deteriorating economic climate. Tyler Cowen gives a few reasons why this may be the way to go for Ireland: A few things are worth noting. First, a small open economy has a harder time making fiscal […]
If we have to have a stimulus package in New Zealand (because the government feels it HAS to do something), then maybe they could have a stimulus for bloggers. The case is made here (ht Marginal Revolution). It is a 14 point argument – so it must be right! I would add that there is […]
The unemployment rate rose to 4.6% – definitely on the low end of my expected distribution. However, the participation rate rose to an all time high and employment rose 0.9%. This was very different to the strong (seasonally adjusted) fall in the quarterly employment survey. This result indicates a stronger labour market than anyone has […]
Everyone agrees that the key number to look out for today will be the unemployment rate – although significant declines in hours worked and employment will also be of interest. There is talk of unemployment reaching 4.7% in the market – I’m a little more pessimistic, but lets just put that to the side. Update: […]