Just heard someone on the radio saying (I think) that the 32% annualized GDP gain forecast for 3Q by @AtlantaFed#GDPNow would wipe out the 31.7% 2Q decline. It doesn't work that way! Would take a 46.4% real GDP increase to get us back to 1Q level, 54.1% to get back to 4Q 2019
To put it in non-annualized terms (which sound far less ridiculous): real GDP fell 1.3% in first quarter, 9.1% in second, would take an 11.4% gain to get us back where we started
I really hope I did the math right on these
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Every under-60 age group *except* early 20s and late 30s now has higher labor-force participation and employment rates than in summer 2019 (short🧵on today's column) bloomberg.com/opinion/articl…
Here it is for employment-population ratio. I did a summer-to-summer comparison because (1) most age-group labor stats aren't available seasonally adjusted and (2) they can jump around a lot from month to month
That 20-24 decline is really big! Surely has something to do with interrupted and delayed education, but I hope it goes away soon. The 35-39 drop seems like it should be due to child-care issues, although it's men in that age group who are driving it bloomberg.com/opinion/articl…
A few months ago, @alexschief pointed out that Minneapolis (population 425,336) was building more housing this year than San Jose, San Francisco, and Oakland combined (population 2.2 million). That's still true, and it's not the only one
These are all cities with less than 1 million people that are mostly building new apartments, not single-family houses. It's not an exhaustive list (Tampa, Miami, Arlington, TX, and others also meet the criteria)
Here are the top 10 jurisdictions for housing permits so far this year (permits are reported separately for each NYC borough but I combined them so sue me)
... which maybe helps explain why belief that climate change is happening fell in the U.S. in the early 2010s and has risen since bloomberg.com/opinion/articl…
Last week's GDP release included revisions back to 1999, so it's time for a new set of presidential growth comparisons! Starting with the basic version: annualized growth in real GDP from 1st quarter in office to last bloomberg.com/opinion/articl…
Official quarterly GDP numbers start in 1947, but using annual numbers growth was -7.4% under Hoover, +9.1% FDR and +1.8% Truman. So yes, by this metric Trump has the worst growth record since Hoover bloomberg.com/opinion/articl…
Still, there are other legit ways to measure growth. One would be to shift the GDP measurement forward or back by a quarter. Do the former and Trump pulls ahead of George W. Bush bloomberg.com/opinion/articl…