Friday, October 19, 2012


Graph A: U.S. manufacturing output declined sharply in 2007-2008. Drop this August comes after more than three and a half years of failing to recover to previous levels. Increase in recent years is due largely to speedup. Graph B: Employment to population ratio is more objective measure than government’s official unemployment rate. Failure of any significant recovery in employment over three-year period is unprecedented in U.S. history and puts questionable September rise—most of which appears to come from increase in part-time jobs—in perspective.


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