Archive for the ‘New Posts’ Category

When I say “wage,” you say “mash-up!” When I say “wage,” you say…

May 12th, 2015

“Mash-up!” I don’t know what I’m getting all excited about. My quarterly five-wage mash-up series through 2015q1 shows nominal wage growth pretty much plodding along at the same 2% it’s been stuck at for years. The plot shows the first principal component (PC) of the yearly changes in the five wage and compensation series listed… Read more

How we calculate US job losses from currency management

May 11th, 2015

[This post was written jointly with Ben Spielberg] In this PostEverything piece, Bernstein and Baker quote estimates of jobs lost in the U.S. due to higher trade deficits induced by currency management. In this memo, we explain how we derived the numbers cited in that piece. The analysis is “back-of-the-envelope” and is thus a rough… Read more

More on the absence of currency provisions in the TPP…

May 11th, 2015

Over at PostEverything, jointly penned with Dean Baker. My skin is thickened by years of DC economic debates, but the President going to Nike to explain to those of us raising questions about the TPP–particularly around currency–how we simply don’t get it…that got under the old skin a bit. I’ve followed this issue–trade, globalization, trade… Read more

Jobs Report: Solid April Follows Weak March; Some Signs of Slower Job Growth; Negative Impact of Strong Dollar Clear in Manufacturing

May 8th, 2015

Payrolls rose 223,000 last month, in line with expectations, and the jobless rate ticked down to 5.4%, a seven-year low. March’s already low payroll gain was revised down to only 85,000; combining that with February’s revision takes payrolls down 39,000 over those months. As shown below, the March outlier takes the three-month average down to… Read more