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Justin Wolfers
JustinWolfers
U.S. payrolls grew by +266k, which would be fabulous in normal times, but is utterly disappointing at a moment in which forecasters expected +1 million jobs, and we’re still missing
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GDP rose by +7.4% in Q3 (pretty much exactly as expected), after falling by -9.0% in Q2 and -1.3% in Q1. All told, the economy is -3.5% smaller than it
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Payrolls rose +661k in September and unemployment fell half a point to 7.9%.We are still 11 million jobs below the February level -- a larger gap than at the low
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The Fed's announces tweaks to its monetary policy strategy.https://www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm I suspect Fed watchers will see this as big. It seems more like a gradual evolution to me.There are
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My latest @nytimes column: Official economic statistics understate total output during a pandemic. Shifting from producing stuff to producing health is productive, but we don't charge for saving our neighbors
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Richard "500 deaths" Epstein is writing about faulty coronavirus models. Surprisingly, he's not apologizing for his faulty models leading the government to shut down too slowly. No, he's claiming that
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Important data here from @jhaushofer & collaborators, comparing actual attitudes with (mis-)perceptions about attitudes:Should we stop social gatherings?97% say yesbut they think only 67% believe this.Should we close stores?77% say
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Not a single economist or public health expert. Lemme risk being serious at this moment and do some economics. No committee to re-open the economy can succeed if they're not
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I'm seeing little eddies of discontent about economics v. epidemiology.I've been party to *tons* of economics discussions over recent weeks, and this really isn't a thing. Economists have been reading
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Nope, that ain’t it at all. They’re forecasting GDP to fall in Q2 at an *annualized rate* of 30%. That’s actually a quarterly decline of about 7%.Annualized rates simply aren’t
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My latest with @qdbui for @UpshotNYT: The usual economic indicators can't keep up when the economy is shifting this fast. So we turn to electricity data which suggests the economy
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My latest: The unemployment figures released today are old news, telling us about the economy 3 weeks ago.Far better to focus on the unemployment rate *today*.So I pieced together some
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