Payroll Archive

Galbraith on what can be done

[Skip to the end] Old Mistakes Die Hard As part of the Roosevelt Institute’s 10-part series on the Jobs Crisis, running on the New Deal 2.0 blog from Nov. 12-25, I was asked to reflect on what can be done to get Americans working again. Here’s my take. I’m tempted to say ...Read More


[Skip to the end] From Karim: Broad-based weakness. Payrolls -159k, net revisions +4k. Unemployment rate rises from 6.055% to 6.125%. Avg hourly earnings up 0.2%. The shocker was hours worked down 0.5% and down 2% at annualized rate in Q3. Labor income = payrolls X average hourly earnings X hours worked. Hours ...Read More

Year over year export growth

Year over year export growth is looking strong and today’s Dec number revises Q4 GDP estimates to up 1% (vs initial government report of up 0.6%). Also note that Q4 lost 1.25% as inventories built in Q3 were drawn down. Smooth the inventory numbers for Q3/Q4 and that implies Q3 would have ...Read More