No surprise, Minnesota beats Wisconsin, again.
This headline “US Recession Imminent – Durable Goods Drop For 5th Month, Core CapEx Collapses”, following on “Forget Recession: According To Caterpillar There Is A Full-Blown Global Depression”, impelled me to check to see if I’d missed something.
“Wisconsin’s doing terribly. It’s in turmoil. The roads are a disaster because they don’t have any money to rebuild them. They’re borrowing money like crazy. They projected a $1 billion surplus, and it turns out to be a deficit of $2.2 billion. The schools are a disaster. The hospitals and education was a disaster. And he was totally in favor of Common Core, which I hate!”
New claims for unemployment insurance this week came in at the lowest level in over 40 years. How much slack can there be left in the labor market?
Today we are fortunate to present a guest contribution written by Ali Alichi, senior economist at the International Monetary Fund. The views expressed in this blog are solely those of the author and do not necessarily represent the views of the IMF, its management, nor its Executive Board.
I spent the last two weeks in Boston at the NBER Summer Institute where I learned about a lot of interesting new economic research. Here I describe a new paper by Jae Song, David Price, Fatih Guvenen, Nicholas Bloom, and Till von Wachter on the role of firm-specific factors in rising income inequality.