University of Chicago Professor Anil Kashyap has a helpful summary of the Greek financial crisis.
There’ve been some stunning pictures recently sent back from distant parts of our solar system which I wanted to share.
Over the last three months, there has been a substantial downshift in the level of economic activity and six-month forecasted growth, according to the Philadelphia Fed.
Expect further contraction
Philadelphia Fed coincident indices for Kansas have been revised downward, along with forecasts.
The post-Crisis decline in the growth rate of the ratio of global trade to GDP has been cause for some concern that global trade has peaked, and that we are now reaching a new normal in which trade levels will be weak in comparison to about a decade ago. Whether such a peak in trade was a defining moment in global trade or whether it is a cyclical phenomenon is one of the questions this eBook addresses.
In Down, Down, Down, I noted Wisconsin’s three month downward trend in nonfarm payroll and private nonfarm payroll employment, and as I cautioned, even this level of employment would likely be further downward revised when the QCEW data were incorporated in the next benchmark. The household survey based data released by the BLS adds yet more confirmation of a decrease in employment (h/t GeoffT). Monday’s newly released Philadelphia Fed coincident indices reflect those labor market trends.
Here are my thoughts on options for handling Greece’s debt.
Wisconsin released Quarterly Census of Employment and Wages (QCEW) data yesterday (as well as nonfarm payroll employment (NFP))  . We can use these data to update the estimate of nonfarm payroll employment (which is important given concerns about the accuracy of the establishment survey based series). Doing so worsens the employment performance through 2014.
Wisconsin employment in May. (Update 6/23 to include growth decomposition)