With the stock market setting new 5-year highs, I was interested to take another look at some of the long-term fundamentals underlying equity values.
The January 2013 Employment Release
Private nonfarm payroll employment in continues to rise, by 166,000; December 2012 employment is revised up by 0.6% (log terms), when incorporating the benchmark revision (0.5% for total nonfarm payroll employment).
The 2012Q4 GDP Release: Upside and Downside Risks
Defense spending subtracted considerably; more to come if the sequester occurs. Uncertainty weighs—perhaps. Trade volumes decline. But final sales continue upward. And confusion about demand side analysis persists.
GDP falling again
The BEA released today its estimate of 2012 fourth-quarter real GDP, which declined slightly from the third quarter. How scary is that?
Currency Wars in the Era of Unconventional Monetary Policies
Interpreting Monetary Policy’s Impact on Exchange Rates (and Economic Activity)
Guest Contribution: “Monetary Alchemy, Fiscal Science”
Today, we’re very fortunate to have as a guest contributor Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. His weblog can be found here.
Dispatches XXIV: Please Proceed Governor (Walker)
There has been something of a dispute between Governor Walker and Governor Dayton of Minnesota. From Minnesota Public Radio, Governor Walker’s tweet, in response to Governor Dayton’s speech:
The Wages of Austerity, Yet Again: “Britain’s economy flirts with “triple dip” recession”
From Reuters:
The country’s gross domestic product fell 0.3 percent in the fourth quarter, the Office for National Statistics said on Friday, sharper than a 0.1 percent decline forecast by analysts.
Links for 2013-01-23
Quick links to a few items I found of interest.