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NEW #JobsReport ANALYSIS:
Here’s a compilation thread of @DeanBaker13’s quick-take analysis of #BLSdata. #JobsDay
Watch @ceprdc later this morning for detailed report.
Here’s a compilation thread of @DeanBaker13’s quick-take analysis of #BLSdata. #JobsDay
Watch @ceprdc later this morning for detailed report.
As expected, another very strong report 678k jobs, unemployment down to 3.8%.
More upward revisions: added 92k to Dec and Jan numbers.
More upward revisions: added 92k to Dec and Jan numbers.
Number reporting being out of the labor force because of the pandemic fell from 1.8 million to 1.2 million. This is a close to half of the drop in the workforce compared to pre-pandemic.
New Analysis: Here are @DeanBaker13’s quick-takes of the US #CPI. #BLSdata
1/ Overall picture: zero basis for any concerns about #inflation in this story. The economy is being hit hard by pandemic (see hotels), likely could use support.
1/ Overall picture: zero basis for any concerns about #inflation in this story. The economy is being hit hard by pandemic (see hotels), likely could use support.
2/ US #CPI overall and core CPI both flat in Oct, up 1.2 percent and 1.6 percent YOY, respectively.
Sharp drop in energy prices lowers overall US #CPI. Core held down by drop in medical care prices by 0.4 percent drop.
Sharp drop in energy prices lowers overall US #CPI. Core held down by drop in medical care prices by 0.4 percent drop.
3/ Rental inflation remains low; rent proper and owners' equivalent rent both up 0.2 percent in Oct, up 2.7 percent and 2.5 percent, respectively, over the last year.
Real average hourly earnings rose 1.9% during the past 12 months, well exceeding the 0.4% pace during the year-earlier period. Real wages for American families are soaring. #CPI #BLSdata
Gasoline prices fell 9.1% during the past 12 months, a turnaround from the 12.6% increase during the 12 months through February 2018. Americans are paying less at the pump.
The prices for prescription drugs fell 1.2% during the 12 months through February 2019, well below the 2.1 percent increase during the same time period last year.
