In The Regional Economist, St. Louis Fed President James Bullard discusses what it means for monetary policy decisions to be data-dependent.
Although the unemployment rate is strong these days, other labor-related statistics are being called weak for this stage of an economic recovery. The downward trend in labor force participation, wage growth, job reallocation and other stats started a long time ago, however.
Despite strong growth, Russia’s GDP per capita is still only about 15 percent of that of the U.S. Although Russia is becoming more productive, it’s hampered by a decline in population.
To better understand unemployment in key industries, not only the unemployment rate but the duration of unemployment for those in the industry should be considered. Focusing on only the former could lead to misguided efforts to help the jobless.