Political Economy category archive

I haven’t mentioned Brexit much because I don’t know enough about it; I know only what I’ve read in the papers.

It’s not that I fear displaying my ignorance; it’s that I don’t even have enough ignorance to display. (I will say that my gut instinct is that, in a globalizing world, promoting parochialism is not a propitious proposition.)

I will commend to your attention to the latest episode of the Bad Voltage podcast, which opens with a fascinating discussion about Brexit amongst one Brit living in Britain, one expat Brit, and one American, all of them accomplished and none of them political professionals. The Brexit discussion takes up the first half-hour or so of the show.

Still holding steady.

Jobless claims were unchanged at 254,000 in the week ended July 9, according to a Labor Department report released Thursday.

(snip)

The four-week average of claims declined to 259,000, the lowest since the end of April, from 264,750 in the prior period.

The number of people continuing to receive jobless benefits rose by 32,000 to 2.15 million in the week ended July 2. The unemployment rate among people eligible for benefits increased to 1.6 percent from 1.5 percent. These data are reported with a one-week lag.

Still holding.

Jobless claims dropped by 16,000 to 254,000 in the week ended July 2, a Labor Department report showed Thursday in Washington.

(snip)

The four-week average of claims, a less-volatile measure than the weekly figure, declined to 264,750 from 267,250 in the prior week.

The number of people continuing to receive jobless benefits decreased by 44,000 to 2.12 million in the week ended June 25. The unemployment rate among people eligible for benefits held at 1.6 percent. These data are reported with a one-week lag.

Still under 300k for the 69th straight week.

Jobless claims increased by 10,000 to 268,000 in the week ended June 25, a report from the Labor Department showed Thursday in Washington.

(snip)

The four-week moving average, a less volatile measure than the weekly claims numbers, held at 266,750.

The number of people continuing to receive jobless benefits fell by 20,000 to 2.12 million in the week ended June 18. The four-week average declined to 2.13 million, the lowest since November 2000.

A little better.

Jobless claims dropped by 18,000 to 259,000 in the period ended June 18, a Labor Department report showed Thursday.

(snip)

The four-week average of claims, a less-volatile measure than the weekly figure, fell to 267,000 from 269,250 in the prior week. Last week included the 12th of the month, which coincides with the period the Labor Department surveys employers to calculate monthly payroll data. The average is lower than the 278,000 during the comparable period in May.

The number of people continuing to receive jobless benefits decreased by 20,000 to 2.14 million in the week ended June 11.

In their headline, Bloomberg is all a-flutter because

Jobless Claims in U.S. Declined More Than Forecast Last Week.

I suggest a more appropriate headline might have been

Our Experts Blew It Again.

Snark aside, tying economic success or failure to exceeding or failing to meet “forecasts” is a mug’s game. It serves only to feed Wall Street’s betting pools and to maintain sinecures for self-styled pseudo-savants; it has no other purpose.

Still not bad.

Initial applications for unemployment benefits climbed 13,000 to a one-month high of 277,000 in the week ended June 11, a report from the Labor Department showed Thursday.

(snip)

The four-week moving average of claims, a less volatile measure than the weekly figures, eased to 269,250 from 269,500.

The number of people continuing to receive jobless benefits rose by 45,000 to 2.16 million in the week ended June 4. The unemployment rate among people eligible for benefits rose to 1.6 percent from 1.5 percent. These data are reported with a one-week lag.

A little better.

Jobless claims fell by 1,000 to 267,000 in the week ended May 28, a Labor Department report showed Thursday.

(snip)

The four-week average of claims, a less-volatile measure than the weekly figure, decreased to 276,750 from 278,500 in the prior week. Filings have been below 300,000 for 65 consecutive weeks — the longest stretch since 1973 and a level economists say is typically consistent with a healthy labor market.

The number of people continuing to receive jobless benefits increased by 12,000 to 2.17 million in the week ended May 21.

It’s a con, perpetrated those who believe that there is no such thing as the public good.

Better, and still nicely under 300k.

Initial applications for unemployment benefits dropped by 10,000 to 268,000 in the week ended May 21, a report from the Labor Department showed Thursday. The median forecast of 49 economists surveyed by Bloomberg projected 275,000 claims.
(snip)

Economists’ estimates in the Bloomberg survey for weekly jobless claims ranged from 270,000 to 297,000. The previous week’s figure was unrevised at 278,000.

Wyoming estimated data last week and otherwise there was nothing unusual in the figures, according to the Labor Department.

The four-week moving average of claims, a less volatile measure than the weekly figures, increased to 278,500 from 275,750.

Holger Stark, Der Spiegel’s Washington Bureau chief, attempts to understand Trumpery. A snippet (emphasis added):

Trump, like Europe’s right-wing populists, is betting on aggressive nationalism as a response to this sense of victimhood and the complexities of globalization. At his campaign rallies, the seats shake when tens of thousands of fans collectively bellow their response to the question of who will pay for the border wall: “Mexico!” Trump’s supporters cheer when he threatens to punch protestors in the face. And they seem to have been waiting for someone to finally promise to deport — with force, if necessary –the 11 million illegal immigrants from Central and South America. By breaking social taboos, Trump’s appearances resemble the “rallies of fascist leaders who pantomimed the wishes of their followers and let them fill in the text,” Jeffrey Herf, a political science professor at the University of Maryland and expert on Nazi Germany, recently wrote in the American Interest magazine.

This aggressive nationalism is paired with an absurd authoritarianism. Indeed, there is something operatic about Trump promising his voters that after he wins the election, his first official act will be to call the CEO of Ford and force him to move his auto plants from Mexico back to the United States within 48 hours — not to mention his vow to force Apple to stop making iPhones in China. But Trump’s words have made an impact.

Follow the link; you may consider this a required reading assignment.

Somewhat better.

Applications dropped by 16,000 in the week ended May 14, the biggest decrease since early February, to 278,000, a Labor Department report showed Thursday.

(snip)

The four-week average of claims, a less-volatile measure than the weekly figure, rose to a seasonally adjusted 275,750 from 268,250 in the prior week.

The number of people continuing to receive jobless benefits decreased by 13,000 to 2.15 million in the week ended May 7.

Not great, but still under 300k.

Initial jobless claims rose by 20,000 to 294,000 in the week ended May 7, a report from the Labor Department showed Thursday.

(snip)

The four-week moving average of claims, a less volatile measure than the weekly figures, increased to 268,250 from 258,000.

The number of people continuing to receive jobless benefits rose by 37,000 in the week ended April 30, the biggest increase since the end of November, to 2.16 million.

Afterthought:

Of course, the cartoonist seems to ignore that Elbridge Gerry was a “founding father.” There’s nothing new about gerrymandering. What’s new is the efficiency: the confluence of computers and cravenness combine, concentrating its consequences.

Via Job’s Anger.