Full vs part-Time employment growth rates, from Bill Rafter
Steve Ellison wonders:
Will NBER ever acknowledge there was a recession? Or maybe as in 2001, they will retrospectively announce a recession after the recession has already ended. The job market for white collar job seekers was horrendous in 2023 and 2024. But GDP never went negative. "Learn to code" is out; "Learn to weld" is in.
Bill Rafter responds:
Yes, there was Recession. If bureaucrats in power refuse to admit the obvious, or use obtuse metrics to define economic activity, then the Intelligent Man has to find another way to define or measure that activity. The chart below, of Payroll Tax Receipts Growth, matches the negative period you described.
Comments
Andre Wallin on February 11, 2025 11:23 am
The US lacks a sense of pride in work, sophistication, and a will to make life better that make it a 2nd world country vs Scandinavia.