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Productivity Jumps – Is That Good?

This week seems a bit like summer generally: very sleepy. The only data being released is second order stuff like today’s productivity report. On the surface the numbers look good, with business productivity jumping at an annual rate of 6.3% in the second quarter. this is the largest growth rate since 2003, and under normal […]

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Muddle Over The Fed [Or How John Taylor Can’t Think Straight]

Today’s Financial Times has a couple of articles in it concerning the Federal Reserve Board and Ben Bernanke. The general thrust of each is to diffuse criticism of the Fed and to advocate it’s independence and the overall record of Bernanke himself. One piece is an editorial favoring Bernanke’s re-appointment as Fed chairman. The other […]

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Employment: Not As Good As It Looks

Back from a hiatus I want to begin by making a couple of comments about the unemployment data from the end of last week. The unemployment report was fraught with analytical land mines. From one perspective the data looks good: the unemployment rate fell to 9.4% and the number of lost jobs was ‘only 247,000’ […]

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