THREAD: The July 2022 US jobs report surprised to the upside, depicting a labor market that is still very tight. But while the continued strength of the US labor market is not consistent with a recession, inflation relief does not seem likely either. (1/10)
We got charts🧵👇 Nonfarm payroll employment growth was robust in July, with the economy adding 528k jobs—more than twice as many jobs as expected. The July gain pushed up the three-month average to 437k, reversing the decline over the last few months. (2/10)

THREAD: The US employment report for June continues to show a strong labor market consistent with a strong economy with moderating inflationary pressures. 372k jobs were added in June.
@jasonfurman explores. Follow along 👇 (1/11) Unemployment remained low & stable at 3.6% in June, just above pre-pandemic level. Labor force participation, which has stayed low since the beginning of the pandemic, has been roughly flat the last few months, but ticked down in June, & the employment rate fell. (2/11)

JUST IN from @jasonfurman: Overall, the economy is in considerably better shape than was expected earlier this year but has disappointed relative to optimistic expectations from the spring and summer.
We have so many graphs 👇 (1/14) In the third quarter of 2021, US real GDP was 2.6% below its pre-pandemic trend, but it is possible the economy’s actual shortfall from potential is smaller. (2/14)

🧵THREAD: We explore some ways companies game the global tax system to minimize their liabilities & explain how the OECD reform proposals work & what they can—& cannot—do to make the system fairer.
Click the link or follow along for a tl;dr 👇 (1/7)
piie.com/blogs/realtime… This is how the current multinational corporation tax system was designed to work.
Multinational firms are not required to pay taxes to governments of countries where sales occur. Sale profits are taxed in the headquartered jurisdiction as part of the firm’s total profit. (2/7)

THREAD: For #InternationalWomensDay, we're highlighting some of our research on how women participate in the economy & the global economic impact of gender inequality. Progress has been made, but especially with the hit of the pandemic, there's a ways to go. Our latest research finds the pandemic has pulled more women out of the workforce than men, with US female labor force participation at its lowest rate since 1987.

Why? You can read more about it here, but there are a number of factors at play...
piie.com/blogs/realtime…

THREAD: The 2020 US economy in 8 charts—
The contraction was smaller than earlier projected & is likely smaller than that of other big, advanced countries. This partially reflects substantial US policy response, but also that the US has taken fewer steps to curb COVID-19.
👇👇👇 1—The US economy contracted 3.5% on an annual basis in 2020, the largest contraction for any full year since the demobilization from World War II in 1946.

NOW: @_AnabelG is discussing agriculture trade and COVID-19: trade barriers, food security and WTO reform, at #PIIETradeWinds with @JoeGlauber1 & Sherman Robinson.

Watch here and follow along for opening remarks: piie.com/events/agricul… In the initial days of COVID-19, the pandemic and its containment measures placed unprecedented stress on all segments of food supply chains, including farm production, food processing, transport and logistics, and final demand.

🇺🇸THREAD🇫🇷
Economic responses to the #COVID19 crisis varied widely. In their latest research, @pisaniferry & @cohensetton look at French & US responses & find that the US response was 💰more expensive💰 but 📉less effective📉 than the French approach.
We explain... (1/11) Taking all policy responses into account, the size of the US fiscal package to support households is nearly twice as large as the French package, as proportion of each country's GDP:
🇺🇸: 6.3% of GDP
🇫🇷: 3.4% of GDP
(2/11)

With respect, Senator Hawley, the claims you made in the original op-ed and in this thread are misleading. The WTO isn’t perfect, but there are lots of ways to make the global trading system better without abandoning the system entirely. Our own thread...

https://twitter.com/HawleyMO/status/1258420578761007105

The US cannot unilaterally disband the WTO. It can only singularly withdraw. By withdrawing, the US basically self-isolates while other countries continue to participate in the WTO and puts US exporters at risk of much higher tariffs and other barriers in foreign markets.

THREAD: The Eurogroup and EU's finance ministers agreed to a #COVID19 emergency rescue package that contains four main components. Here's what the package does... 1⃣The European Investment Bank (@EIB) gets an additional €25 billion to establish a pan-European guarantee fund, aimed at using leverage to support €200 billion of financing for EU companies, particularly small and medium enterprises (#SMEs).

NOW: Watch panelists @jasonfurman, @HilaryHoynes, and Jesse Rothstein, and chair @joshbivens_DC discuss social safety nets, like universal basic income #UBI, unemployment insurance, and more. Tune in #Inequality2019: piie.com/events/combati… @jasonfurman @HilaryHoynes @joshbivens_DC .@jasonfurman is discussing tax and transfer systems at #Inequality2019. piie.com/events/combati…

THREAD: @jfkirkegaard outlines the three political and economic implications a higher carbon tax has for the European Union... (1/7) 1/A carbon border adjustment tax is inevitable—an EU carbon tax puts EU businesses at a disadvantage vs. imports. An adjustment tax would effectively set tariffs on imports from economies without equivalent carbon prices, which could stir confrontation with the US & others. (2/7)

THREAD: Senior fellow @bollemdb is testifying in front of @houseforeign on the moral imperative of preserving the Amazon rainforest. Watch at the link below and follow along for highlights of her testimony: (1/) foreignaffairs.house.gov/2019/9/preserv… @bollemdb @HouseForeign While global warming can be blamed for the Amazon fires, the fires also represent a more specific government policy failure over many years as Brazilian public agencies that are supposed to curb man-made fires have been deliberately weakened. (2/)

THREAD: As the trade war drags on, there will be two more rounds of tariffs on imports from China, first on September 1, then on December 15. Here are five things you need to know... (1/7) 1. Trump’s latest escalation will drive up the average US tariff on Chinese imports from its current level of 18.3% to 20% on September 1. The December 15 tariffs will ratchet up average US tariffs on imports from China to 21.4%. (2/7)

THREAD: Today is #WorldIPDay. The trade conflict with China has shed light on the importance of intellectual property to economic growth, national security, and more. Here are some of our related pieces for #WorldIPDay2019 @WIPO: (1/6) President Trump’s revised tariffs from the summer of 2018 to protect US technology and intellectual property would mostly miss Chinese companies & instead hit non-Chinese multinational corporations operating in China. By @melovely_max #PIIECharts (2/6)
piie.com/research/piie-…

THREAD: The WTO found that China's grain policies are a violation of WTO rules....so why is the US attacking the dispute system as unfair? (1/13) Some background: @USTradeRep today said...
1) China's agricultural policies disregard WTO rules
2) the US will take all necessary steps to enforce the rules & ensure free & fair trade for U.S. farmers, ranchers, workers, & businesses. (2/13) ustr.gov/about-us/polic…

1/ We want to respond to @SecretaryRoss interview about steel and aluminum tariffs with @ErinBurnett on @CNN and to some claims he made about us @PIIE. 2/ Here is the PIIE study @ErinBurnett referenced on @CNN showing that a past US tariff on Chinese tires saved 1,200 jobs, but cost 3,700 retail jobs. US consumers paid $900,000 per job saved. Data calculations available for replication. bit.ly/piie_USTireTar…