Tea Party Cleans Up $7.5m Protest Mess in Madison
Professor Mark J. Perry's Blog for Economics and Finance
According to this new government (GAO) study:
From the foreword of the report "WOMEN IN AMERICA: Indicators of Social and Economic Well-Being" released this week by the White House:
From today's BLS employment report:
|Average Salaries: 2007-2008|
|1 year or less||$32,120||$42,210||31.41%|
|2 to 4 years||$34,220||$43,490||27.09%|
|5 to 9 years||$38,110||$49,120||28.89%|
|10 to 14 years||$41,310||$54,150||31.08%|
|15 to 19 years||$42,740||$58,260||36.31%|
|20 to 24 years||$43,880||$61,210||39.49%|
|25 to 29 years||$42,910||$63,860||48.82%|
|30 or more years||$50,560||$65,470||29.49%|
|Highest Degree Earned|
|Less than bachelor's degree||$26,670||$53,880||102.02%|
One thing you can always count on at (or towards) the end of a recession? An "end of the world," the "sky is falling," "it's never been this bad," "gloom and doom" article in Time Magazine, here are 4 examples:
Here's a brand new economic indicator - The CPA Outlook Index - just introduced jointly by the American Institute of CPAs (AICPA) and the UNC Business School and featured in today's WSJ. From the report:
The ISM Non-Manufacturing Business Activity Index increased to 66.9 in February, the highest level in seven years (see chart above). Some of the categories in the index that are listed as "growing" for direction and "faster" for rate of change are: production, employment, backlog orders, and new export orders. Prices are "increasing" at a "faster" rate.
From The Conference Board: "Online advertised vacancies dipped by 27,400 in February to 4,245,600 according to The Help Wanted OnLine (HWOL) Data Series released today. Labor demand has risen 1.41 million since the series’ low point in April 2009. This increase offsets approximately 80 percent of the 1.76 million drop in ad volume during the 2-year downturn period from April 2007 through April 2009."
From Greg Mankiw's textbook:
Here's an updated chart of annual M2 growth, with data through the second week of February. For the week ending on February 11, annual M2 growth was only 3.9%, more than two percentage points below the 6.05% average since 2000. If that kind of M2 growth continues this year, and if we have 4% growth in real output this year, there's very little chance of inflationary pressure building in the U.S. economy. Moreover, M2 velocity as of the last quarter of 2010 was close to a 25-year low (data here), so it just doesn't appear that we have any of the right ingredients for rising inflation.
From today's "Manufacturing ISM Report On Business":
Here's an updated chart to follow up on this post about the "Media Myth of Japan's Lost Decades." The chart above starts in 1990, instead of 1980 like in the previous post, and shows real GDP per capita for the U.S., Germany, Japan and Italy, with each country's GDP per capita converted to an index equal to a starting value of 100 in 1990. We can see that Japan's real output per person grew slightly less per year (average of 0.91%) than Germany's (1.12%), and slightly more than Italy's (0.76%), and each of those country's real GDP per capita grew less than the U.S. at 1.41% per year. And yet even with economic growth in Germany and Italy and many other European countries that is comparable to Japan's growth, we never hear about the "lost decades" in Germany or Italy or the U.K.
There have been reports lately like this one that predict that the U.S. will be the third largest economy by 2050, after falling behind China's GDP in 2020 and India's by 2050. But of course one of the main reasons for the rise in economic output for China and India will be because their populations are so much larger than the U.S. (China: 1.3 billion and India: 1.15 billion). The chart above shows real GDP on a per capita basis for the U.S. from 1800 to 1880 (data from Global Financial Data), and for China from 1969 to 2010.
From Intrade, at 9:00 a.m. Sunday: