The Phillips curve, which charts an inverse relationship between unemployment and inflation, was proven unreliable during the 1973-1975 recession, when we had stagflation — the combination of high unemployment and…
The Longest Period of Job Growth Ever. So What?
The second longest recovery … the second longest bull market … the longest period of job growth on record. Such records are pretty meaningless. The recovery has been pretty anemic,…
Almost Nobody Left Behind in U.S. Labor Market
If you started a new job last month, you’re not alone. In fact, 313,000 Americans found jobs in February. While 92,000 people found jobs in construction and manufacturing, another 50,000…
There’s Always Something to Worry About
For investors and economists, there is always something to worry about. When stock prices are high, we worry that they’re going to fall. When they’re low, we worry that they…
The Not-Working Class
In a capitalist country like ours, hard work is supposed to be rewarded and slothfulness is considered one of the seven deadly sins. So what to make of the “quiet…
Take This Quiz before You Vote
Citizens of many countries would envy us for having the right to vote, the right to express our opinions, the right to practice whatever religion suits us, and the right…
Doubling Down on Bad Ideas
Uh oh. Until now, about the only thing good you could say about the Federal Reserve Board in recent years is that it hasn’t followed central banks in Europe and…
At a Loss over Profits
Apparently, there are two Americas. In one, corporate profits are soaring, the economy is booming and jobs are available for the asking. In the other, corporate profits are dismal, America…
Can We All Be Greeters at Wal-Mart?
Job reports typically report on jobs as if they are a commodity; a job is a job, whether you’re a CEOs or a greeter at Wal-Mart. So it’s good news…
The Job Creation Snow Job
Consider this headline from the U.S. Bureau of Labor Statistics: Unemployment rate declines to 4.7% in May; payroll employment changes little (+38,000). Great news, right? The unemployment rate fell to…