Labor Pains
12/09/2013 | | Economic forecasting, Eisenberg and housing economics, Eisenberg and public speaking, Elliot eisenberg, Graphsandlaughs, Labor Productivity, MLS, Multiple listing service, Private Sector Hiring, Public speaking economist, econ70, economist on TV, economist on radio, eisenberg and economics, funniest economist, funny housing economist, graphsandlaughs and eisenberg, housing sales, monthly employment report, mortgage banking, net new jobs, politics and economics
With GDP growth at 2% for the past several years and expected through Q1/14, the recent employment rise from about 150,000 net new jobs/month in summer to about 200,000/month since seems odd. It’s because firms are finally hiring because labor productivity growth has been close to zero for the past 15 months, down from 3.3% in 2009 and 2010. Thus, firms must hire more people to make more stuff.