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Analysis of current economic conditions and policy

“11th Annual West Coast Workshop in International Finance”

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Here’s the call for papers — from my experience, a great event for exchanging ideas and findings about international finance/open economy macro, this year taking place on April 10th.

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This entry was posted on January 8, 2026 by Menzie Chinn.

ADP Implied Private NFP, Philly Fed Early Benchmark, etc.

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In general, not good news. Using the relationship in (log) first differences implies slight gain in private NFP:

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This entry was posted on January 8, 2026 by Menzie Chinn.

ADP Private NFP Employment below Consensus, Large Firm Flat, Mfg Down

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Briefly:

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This entry was posted on January 7, 2026 by Menzie Chinn.

Nowcasting Core GDP

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Further deceleration.

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This entry was posted on January 5, 2026 by Menzie Chinn.

Auto Loans Further Deteriorate

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Year-on-Year, through November. From Fitch:

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This entry was posted on January 5, 2026 by Menzie Chinn.

Russian GDP in Question

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Official statistics suggest the country is below recent business cycle peak.

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This entry was posted on January 4, 2026 by Menzie Chinn.

Six Estimates of Nonfarm Payroll Employment

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Early Benchmark suggests a downturn, as does QCEW, Powell conjecture:

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This entry was posted on January 3, 2026 by Menzie Chinn.

The Year in Review, 2025: I wanted lower prices, and all I got is this lousy hole in the ground

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Here are some of the most ridiculous (and tragic) events of 2025, in economic or economic policy terms.

 

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This entry was posted on December 31, 2025 by Menzie Chinn.

Guest Contribution: “Why didn’t Trump’s tariffs crash the economy in 2025?”

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Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. A shorter version was published in The Guardian and in Project Syndicate. 


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This entry was posted on December 31, 2025 by Menzie Chinn.

The PRC’s Intimidation Campaign

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Chinese forces are conducting a massive military exercise in the areas surrounding Taiwan — a major economic power and supplier of semiconductor chips essential to the world (and US) economy (true in 2022, true today).

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This entry was posted on December 29, 2025 by Menzie Chinn.

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Authors

James D. Hamilton is Professor of Economics at the University of California, San Diego

Menzie Chinn is Professor of Public Affairs and Economics at the University of Wisconsin, Madison

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Recent Posts

  • “11th Annual West Coast Workshop in International Finance”
  • ADP Implied Private NFP, Philly Fed Early Benchmark, etc.
  • ADP Private NFP Employment below Consensus, Large Firm Flat, Mfg Down
  • Nowcasting Core GDP
  • Auto Loans Further Deteriorate

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Econbrowser faces the data: (since Apr 30,2025)

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The most recent U.S. recession began in 2020:Q1 and ended in 2020:Q2

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