Good stuff as always from Matt McDonald and the HPS analysis team. A couple of points:
1. Note that HPS puts the demographically-adjusted unemployment rate at 9.7%. The way I calculate it, the rate could be anywhere between 9.2% and 10.4%, roughly. So 9.7% is nice ballpark figure
2. Also, HPS puts at 4.2 million the number of jobs needed to get back to the pre-recession peak. But that doesn’t catch us back up to trend. For that, we need around 13 million new private sector jobs.
The mild May jobs report should serve as yet another reminder to President Obama and Congress that the U.S. labor market is suffering a Long Emergency.
Happy fourth anniversary, America. June 2009 marked the official end of the Great Recession - as reckoned by the National Bureau of Economic Research - and the beginning of the current recovery. So, how are we doing?
If the sluggish U.S. economy wasn’t reason enough for tax reform, the ongoing IRS scandal demonstrates how a devilishly complex tax code enables government mischief.
Careful, Jim. You’ll break a sweat.
you will too if you keep posting within 20 minutes of any given blog post!
Do you ever consider your entire personification and credibility is inextricably tied to the empirical data that is our current economic condition?
The only thing I give a crap about IS “empirical data.”
Pity the rest of them…
“The only thing I give a crap about IS “empirical data.”“…
Yiu do?!?!