Go Economy Go!

This morning’s employment report showed an old-normal, wide-spread increase in payroll employment of 288,000, with nice upward revisions in April and May totaling 29,000 jobs. This raised the average employment gains over the past three months to 272,000. The unemployment rate in June fell to 6.1 percent from 6.3 percent in April and May.
The decline in the unemployment rate in June was mostly for the “right” reasons—more employment—rather than for the “wrong” reasons—a decline in the labor force participation rate. Labor force participation has held steady at a low of 62.8 percent for the past three months. The employment to population ratio, at 59.0 percent, has actually increased by 0.3 of a percentage point over the past year.
In speeches in the late 1990’s, I used to describe the “new paradigm” economy with the example of boiling a frog. The frog doesn’t jump out of the boiling water because its temperature rises so gradually that the frog didn’t realize his paradigm was shifting. I believe the historic changes over recent years have had a similar effect on me. How else can I explain feeling comfortable with several years of near-zero interest rates and massive pre-announced open market security purchases? The employment numbers this morning made me wonder if such extraordinary measures continue to be needed. How much harm could a few months of ¼ point increases in the Fed Funds rate do?
The markets have also accepted the new normal as normal and would no doubt react badly to such a change earlier rather than later. We got a preview of that with the “taper tantrum” last year. But, so what? Surely, that would be temporary as the improvements in the economy sink in. The stock market reacted positively to good news this morning. If that wears off during the day, it will probably be because it too is having second thoughts similar to mine, and expects normalization earlier rather than later.

Comments (688)

Trackback URL | Comments RSS Feed

  1. Tony says:

    Right here is the right site for everyone who really
    wants to understand this topic. You understand so much its almost tough to argue with you (not that I really will need
    to…HaHa). You definitely put a brand new spin on a subject that’s been discussed for many years.

    Excellent stuff, just excellent!


  2. Patti says:

    Every weekend i used to pay a visit this web page, bbecause i want enjoyment, since this this web
    page conations really fastidious funny information too.

    Check ouut my site: hair growth pills

  3. Lucretia says:

    Woah! I’m really digging the template/theme of
    this website. It’s simple, yet effective. A lot
    of times it’s tough to get that “perfect balance”
    between usability and appearance. I must say you have done
    a fantastic job with this. Also, the blog loads very fast for
    me on Internet explorer. Superb Blog!

    my page – Recommended Reading

  4. Chance says:

    What i don’t realize iss if truth bbe tol how you’re now not actually much molre neatly-appreciated than you may be right now.
    You’re very intelligent. Yoou realize thus significantly on the subject of this matter,
    made mee for my art believe iit from a lot of various angles.

    Its like women and men don’t seem to be involved except iit is one thing to accomplish with Womaan gaga!
    Your own stuffs great. At all times care for it up!

    Feeel free to visit my web page basketball gear usa

  5. Tammie says:

    What’s up it’s me, I am also visiting this web page on a regular basis,
    this web page is genuinely pleasant and the people are genuinely sharing good thoughts.

    Also visit my homepage search engine optimization salary

  6. resume help for teachers

    Go Economy Go! | Bob McTeer’s Economic Policy Blog | NCPA.org

  7. Lynell says:

    Thanks a lot for sharing this with all of us you really recognise what you are talking approximately!
    Bookmarked. Kindly also seek advice from my website =).

    We will have a hyperlink change agreement among

    my blog post dinnerware outlet

  8. Pamala says:

    If you want to clean the bowl of your pipe, gently tap it
    within the palm of your hand while supporting the shank along with your other hand.
    Moreover you can also catch all the latest info in bathroom decoration, kitchen updates, bathroom and toilet d.
    foundation for your eggshell structure … they’re the ‘groundwork’ and ‘core, steel structure’ on.

    my web site adobe cloud crack

  9. Naomi says:

    Hey there fantastic blog! Does running a blog such
    as this require a large amount of work? I’ve virtually no understanding of coding but I was hoping to start my own blog soon. Anyways, should
    you have any recommendations or techniques for new
    blog owners please share. I understand this is off subject nevertheless I just had
    to ask. Thank you!

    Look at my web site: What Is The Enchant Him Now Secret

  10. Augusta says:

    Whether you’re a business or personal brand, you should definitely pay attention to
    Pinterest. Unfortunately, it’s also introduced a host of ways to violate intellectual property laws.
    With Pinterest, you can pin a picture of your customers and include a blurb of the case study or testimonial.

  11. Josefa says:

    When we lived in New Jersey, at times we used New
    Jersey Manufacturers insurance. But it is a good idea
    to talk with an agent at some point in the process.
    People who purchase sports cars end up paying higher premiums.

    my blog :: E & Y Rental Property Insurance Troy

  12. Ginger says:

    The procedure involves main design decisions about cupboard or cabinets counter tops, light effects, appliances, layout, & end of treatments.

    Make sure that you placed each conveniently and without disrupting your plumbing system.
    Although it’s not a free software, you can get a free trial before deciding if this is the right software for you.

    Also visit my weblog; http://zjsdfch.com/u.php?uid=

  13. Parthenia says:

    Thankfuloness to my fagher who stated too me regarding this website, this
    blog is in fact awesome.

    Alsso visit my webpzge – best steroids for fat Loss

  14. Kellie says:

    Asking questions are genuinely nice thing if you are not understanding something totally, however this post provides pleasant understanding even.

    Viwit my homepwge :: mens chinos for slim men

  15. Winnie says:

    Thanks on your marvelous posting! I certainly enjoyed reading
    it, you may be a great author. I will be sure to bookmark your blog and will often come back in the
    foreseeable future. I want to encourage continue your great job, have a nice holiday weekend!

    My blog free minecraft premium account generator mac no surveys

  16. Wade says:

    I really like reading through a post that can make men andd women think.
    Also, thanks for permitting mme too comment!

    Feel free to surf to myy web-site; Mailbanger

  17. Phyllis says:

    Thanks very nice blog!

    Look at my web page :: Dependable Shibaura Trusted Rebuilds Machine Tools

  18. Arlie says:

    But suppose i told you, you can create a premium price playing game
    titles. This brings us to our discussion with the subcategories and what makes them different from one another.
    A research established that children who play MMOEPGs like Poptropica along
    with other similar games are better at multitasking and leadership; additionally
    they pay more attention to detail and are more creative.
    It could be advisable for one to find an online gaming site
    that does not slap any charges for the players for joining.
    Their attractiveness is incorporated in the love
    of the gamer to discover secrets, explore different worlds,
    and exercise his detective abilities. Below would be the number of 4 best best paid games for
    android and free paid android apps with the different time.
    In the Guinness Book of World Records (2008), the title of “The
    Most Expensive Virtual Object” went to Club Neverdie which
    is an asteroid space resort within the Entropia Universe.
    You might receive messages that concentrate on only these interests.
    With various units and structures, Art of War 2 provides captivating gameplay and is also one of
    the best, if not the very best Nokia 5800 game.

    There are a couple of long-term, but big savings, solutions to put money aside for a luxurious vacation next summer.
    What were your most and least favourite parts in the gameplay.
    Keep your nose clean, elbow towards the grindstone-all the conventional clichs apply-and you’ll succeed
    in the sport testing career that you just’ve always dreamed of.

    Anyone are capable of doing this type of job,
    whether they certainly are a 14 yr old searching for more money or possibly a
    75 year old retiree that lost their pension fund throughout the market crash.
    In earlier times, game hacks needed modifying lines of code, discovering addresses and pointers in Ram, or substantial configuration of files.

    Are you somebody that can’t loose time waiting for the crooks to set a release
    date so you can mark it on your own calendar. Yet another thing
    you’ll must do while playing, that is sure to irritate you, is complete bug & glitch reports.
    From the home Wii menu, go for the Wii Shop Channel and after that the Wii – Ware Channel, and select the Internet Channel for download.
    If you’re good and the pieces line up correctly, you can have a connected
    string of bubbles that goes completely through the screen. This is really
    a simple-to-understand article that explains the list of laws that this government established to protect the rights of consumers.
    Not that, but I try and help keep you up-to-date using the
    latest sites and knowledge where one can also purchase games cheaply and prevent those nasty retail prices.
    Like a game title design diploma on-line key, you may perform programs
    as an example producing, on-line, tale boarding and figure development in addition to geometry so on. If you’ll be able to develop an admirer base on top of that, then you’ve got a bit more steady income from merch and sponsorship.
    Merchants offer cash to these web entrepreneurs, AKA Coupon Moms, each time they obtain a consumer to
    produce a purchase on the store’s site. This applies to every game niche available, from role
    winning contests to strategy games, from puzzle games to arcade games, even computer card
    games. For the industrious few out there it might be also rewarding, allowing you
    to try out games in the home and acquire paid for it.

    My web page – monster squad cheats

  19. Hortense says:

    Hello friends, itѕ enormous paragraph on thhe topic of cultureand fսlly defined, keeр it
    up ɑll the time.

    Μy webpage consumer email leads and lists for sale

  20. Brigitte says:

    Excellent post. Keep posting such kind of information on your page.
    Im really impressed by your blog.
    Hi there, You have performed a great job. I will certainly
    digg it and in my view suggest to my friends. I’m confident
    they’ll be benefited from this site.

    my blog – http://casinoclubdice.net

  21. Adan says:

    Thanks for sharing your thoughts on employment. Regards

    My blog post website (Seth)

  22. Lorraine says:

    This can be anything from building a small local school that imparts free education to a center where the
    needy woman can come learn a hobby and earn something out of
    it. They can be made for kids sports teams, high school dances, family reunions,
    gifts, clubs, and the list goes on. They either go soft part-way through or they ejaculate waaaay too quickly for anyone to be satisfied.
    This is because albums are thick and it can last for a
    long time. 1) Invite your partner to be silly and LAUGH:
    have tickle sessions, pillow fights, chase each other around the house, have water or food fights, listen to your favorite music really loud and dance around….

    My homepage fun activities for toddlers in houston tx

  23. adsense income says:

    I used to be recommended this website by means of my cousin. I’m not certain whether this publish is written by means of him as nobody else realize such unique approximately my trouble. You’re amazing! Thank you!

  24. Ashli says:

    I all the time emailed this weblo post page to all my friends, as if
    like to read it afterward my friends will too.

    Feell free too surf to my web blog; business cash advance

  25. Florrie says:

    Thanks for sharing your thoughts on employment.

    my blog – hermit habitat terrarium 2

  26. Jefferson says:

    In animals with ALS, THC administered either before
    or as soon as the onset in the disease delayed
    motor impairment and prolonged survival. The facts are that hemp isn’t difficult to cultivate even indoors.
    The sealing provisions have section 11364 H&S; possession of a “hash pipe”.

    Here is my weblog – curing cannabis

  27. Juliann says:

    Unluckily, this condition can be transmitted from one toe to another or even to the other areas of the body.
    All of that refined sugar and flour sends a lot of sugar (glucose) into your
    blood stream very rapidly. Owing to the lack of research,There are few arguments that indicate that herbal treatments for diabetes may not be effective.

    My website youtube

  28. Antoine says:

    Workouts from companies like Ultimate Fitness Gear offer a lot of variety.
    The education or Spoken English Courses should certainly include love, understanding together with proper care.

    Stuart Brown, a psychiatrist and pioneer clinical researcher on the importance of play,
    states: “Humor, games, roughhousing, flirtation and fantasy are more than just fun. Each time
    an egg is caught that counts as one catch. Cons of the Pure free fun animal games for kids online 12-Foot Trampoline and Enclosure.

  29. Gladis says:

    That is very attention-grabbing, You’re a very skilled blogger.
    I’ve joined your feed and stay up for searching for extra of your magnificent post.

    Additionally, I have shared your website in my social networks

    My page: Total Conquest Hack

  30. Lenore says:

    Heyaa i’m for the primary ime here. I found this board
    and I find It really heopful & it helped me out a lot. I hope to provide onne thing again and help
    others such as you aide me.

    My homepazge :: Photobook

  31. Alfonso says:

    I like the helpful information you provide in your articles.

    I’ll bookmark your blog and check again here frequently.
    I am quite certain I’ll learn lots of new stuff right here!
    Best of luck for the next!

    my blog Total Conquest Hack

  32. Lacy says:

    How is my brother, his heart is with Spain. Do not submit
    it more than 500 levels in bubble witch saga 2 cheat engine 6.3 witch saga 2 hack ifunbox this field.
    If you fail to shoot are stored in the European Universities
    Handball Championship. It’s pretty prominant, it’s clear to me, which, as this could also delay times for other
    exchanges. The Bubble Witch Saga with you to do is click on the bed spread.

    With four bananas are approximately two servings of ice cream.

  33. Lori says:

    Life for us is ever growing so that it is even hard to keep up with the new
    and best that is available on the market. We have seen and read in several articles about how the
    ceiling fans evolved and changed over time. If a shower is
    on the first floor, check this out the ceiling below.

  34. Ola says:

    Hi there, You’ve done a great job. I will definitely digg it and
    personally suggest to my friends. I’m sure
    they will be benefited from this website.

    My blog Total Conquest Cheats

  35. Frederick says:

    Its so difficult trying to find a quality search engine optimisation business at the moment,
    just going to do it in-house I think
    Added this to wall, very interesting

  36. Kathie says:

    This is a great tip particularly to those fresh to the blogosphere.
    Short but very accurate info… Many thanks for sharing this one.
    A must read article!

    Look at my weblog: russian orthodox easter 2015

  37. Elizabeth says:

    At the very least, they can simply heat up one single room.
    “Residents are encouraged to not leave pet foods outside.
    Were very glad to presenting our latest hack for Boom Seaside Our Group of Professional Coders spent many days to make
    a Working Boom Seashore Hack and making it secure to use.

    Also visit my web blog … boom beach hacked

Leave a Reply

If you want a picture to show with your comment, go get a Gravatar.