Archive for the ‘New Posts’ Category

The US job market catches the virus and crashes.

May 8th, 2020

Due to the shutting down of the American economy to control the spread of the coronavirus, the bottom fell out of the job market last month. I’ve been writing up monthly jobs reports for decades, and I’ve never seen anything remotely close to this. Employment gains that were made over almost a decade vaporized in… Read more

Yes, this is an emergency. No, that doesn’t justify a $500 billion Trump/Mnuchin slush fund.

March 22nd, 2020

By Jared Bernstein and Dean Baker While the indicators are lagging, the U.S. economy is in a recession that will very likely be extremely deep. It’s likely that real GDP falls at double-digit pace in the quarter that begins next month and the unemployment rate more than doubles. If that sounds implausible, history shows that… Read more