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That downward jobs revision was, as @LinkedInEcon, @JedKolko and others have written, not that big a deal. But for a few industries it was bloomberg.com/opinion/articl…
@LinkedInEcon @JedKolko Here's the before and after for oil and gas extraction
@LinkedInEcon @JedKolko The retail jobs decline has been steeper than previously reported
@LinkedInEcon @JedKolko And the restaurant employment boom is looking a little less boomy (cc my fellow restaurant-jobs obsessive @DKThomp)
@LinkedInEcon @JedKolko @DKThomp Also a downward revision to temp employment
@LinkedInEcon @JedKolko @DKThomp Publishing, on the other hand, is doing better than previously reported (but that appears to be all about *software* publishing)
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Justin Fox
@foxjust
Where was the economy strongest in the 2010s? In places that Californians move to bloomberg.com/opinion/articl…
Here's job growth, for example
And here are the income-growth leaders (with California in first place this time)
Read 4 tweets
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Justin Fox
@foxjust
Good crowd here to learn from @alon_levy why U.S. subways are so expensive
Very excited about his spreadsheet going online tomorrow so I don’t have to view it with a pillar in the way
Key takeaway: @alon_levy says “it’s not the schist” that makes NYC subway construction so expensive. So give it up, schistheads
Read 9 tweets
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Justin Fox
@foxjust
You got it, boss
The market's performance since Trump was elected is good, but far from exceptional. And it seems unwise to keep making this point. The market started doing really well around this time in Obama's first term; a few more months and Trump's market performance could trail his
And ... with the market's decline today Trump slips behind Reagan in the rankings. No. 8 out of 14 for which the Bloomberg terminal has S&P data (left out Ford because he wasn't elected and wasn't in office long enough)
Read 5 tweets

Related threads

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Noah Smith 🐇
@Noahpinion
Today's @bopinion post evaluates two new proposals - one from @MarkMuro1 and @BrookingsInst, one from @jonathangruber1 and @baselinescene - to create tech hubs in America's lagging regions.

bloomberg.com/opinion/articl…
2/Many regions of the country are falling into decay, even as the superstar cities flourish:

thestile1972.tumblr.com/post/184270817…
3/Some people think we should just pay people to move out of declining regions, and pack them into the superstar cities. But this is not going to work. One reason is that America's superstar cities will not let them in.

bloomberg.com/opinion/articl…
Read 20 tweets
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Noah Smith 🐇
@Noahpinion
1/Here's a @bopinion post where I take on David Graeber and his most recent broadside against the field of economics:

bloomberg.com/opinion/articl…
2/Here's Graeber, writing in the New York Review of Books.

Graeber: "Economists still teach their students that the primary economic role of government—many would insist, its only really proper economic role—is to guarantee price stability.

WHAT?!!

nybooks.com/articles/2019/…
3/Graeber's statement that economists think the "primary role of government" is "to guarantee price stability" is among themore absurd things I have ever seen someone write.

It erases most of the entire field of economics. Poof. Gone. Doesn't exist.
Read 15 tweets
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Steve Faktor
@ideafaktory
@LinkedIn @LinkedInToday The H-1B is profoundly broken. It doesn't need to be cut, but reformed.

A rebuttal to this piece (from firsthand experience managing a global team with H-1B's at a F100 US corporation.:

bloomberg.com/opinion/articl…

(thread)
H-1Bs don't officially make workers indentured & underpaid; just unofficially. Workers can only switch to other companies that will pay to sponsor visas. Many don't. So:
- That reduced market
- Extra cost
- Transactional friction

Limit their options & pay.
Because many H1B workers arrive without families (or at least extended families), they tend to work longer hours, so companies get more bang for the buck.

How much buck?
Read 12 tweets
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David Fickling
@davidfickling
Here's a quick thread about how the travails of Cathay Pacific could be just the tip of the iceberg for Swire Group, as it tries to reconcile its British colonial legacy and Beijing's creeping control over Hong Kong:

bloomberg.com/opinion/articl…
Once upon a time, economic life in Hong Kong and Shanghai was dominated by the hongs, mostly British-owned trading houses which monopolized China's trade with the British empire.
Most were established in the mid-19th century, in the period when Britain was using opium and the rhetoric of free trade to extend its influence in China:
Read 31 tweets
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Tim O'Brien
@TimOBrien
1) Trump and his father ran a housing business that was sanctioned by the Justice Department in the 1970s for discriminating against prospective tenants of color. He hired Roy Cohn to defend the family.
2) He paid for newspaper ads in 1989 condemning black and Latino teenagers accused of assaulting a white jogger in Central Park, stoking racial animosities to keep himself in the public eye. (Long after the teenagers were exonerated, Trump continued to insist on their guilt.)
3) Trump saddled Barack Obama with bogus citizenship charges while embracing birtherism, and he attacked a federal judge by emphasizing his Mexican heritage.
Read 18 tweets
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David Neiwert
@DavidNeiwert
You keep holding up black unemployment's historically low levels as though black people should just be eternally grateful for the work you've given them. But there's a catch to those numbers -- including the reality that hate crimes are through the roof. Thread follows. 1)
2) First of all, while black unemployment is indeed at a record low, it's _still_ more than double the rate of white unemployment.

bloomberg.com/opinion/articl…
3) More here.

epi.org/publication/20…
Read 9 tweets

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