Intermediate Macroeconomics ECON Dr. Andrew L. H. Parkes “A Macroeconomic Understanding for use in Business” Day 17 卜安吉

Intermediate Macroeconomics, Day 172 RECESSION STATED!! “The evidence is more than compelling'' that a recession is under way, Robert Hall, who heads the National Bureau of Economic Research's panel that dates economic cycles, said in an interview following the jobs report. “It's conclusive, in my personal opinion.'' Hall is an economics professor at Stanford University. “The evidence is more than compelling'' that a recession is under way, Robert Hall, who heads the National Bureau of Economic Research's panel that dates economic cycles, said in an interview following the jobs report. “It's conclusive, in my personal opinion.'' Hall is an economics professor at Stanford University.

Intermediate Macroeconomics, Day 173 Unemployment 6.5%! 6.5%! 11.86% with the discouraged, marginal and underemployed 11.86% with the discouraged, marginal and underemployed

Intermediate Macroeconomics, Day 174 Excerpts from the articles Coupled with revisions to September’s data — which now show a loss of 284,000 jobs, down from an initial estimate of 159,000 — the economy has shed 1.2 million jobs since the beginning of the year. More than half the job losses have been in the last three months alone.

Intermediate Macroeconomics, Day 175 Unemployment data In The United States we revise our unemployment data two times AFTER the initial count. 125,000 is a huge amount of people unemployed that the Bureau of Labor Statistics MISSED! WHY???

Intermediate Macroeconomics, Day 176 VERY, VERY TOUGH DATA! Not only were the October job losses higher than anticipated, Labor Department statisticians sharply revised September's jobless figures. Statisticians acknowledged that the preliminary estimate of 159,000 jobs lost that month was far off, and that there were instead 284,000 workers tossed into the ranks of the unemployed. They also revised August jobless numbers from the estimate of 73,000 to 127,000.

Intermediate Macroeconomics, Day 177 These revisions are significant because they suggest that the economy was suffering a steep drop even before the financial crisis exploded into a global problem in mid- September. Many of the September job losses preceded the financial meltdown. September and October

Intermediate Macroeconomics, Day 178 Revisions A good chunk of the revisions reflected changes in jobs for teachers and school employees, a statistic that state and municipal governments compile and report with a lag. Another part of the revision reflected greater layoffs from small employers, who weren't captured in the broad employer sample. These small- company jobs often show up in revisions once statisticians have seen payroll and unemployment insurance information from state governments. "It suggests that small firms did worse than expected," Wyss said.