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German civil servants get pay deal for real wage increase
It is not being widely discussed, but we suspect the wage settlement in Germany over the weekend is an important development. The agreement that covers 765k state government workers in Germany, represented by Verdi, reached a two-year deal…
Some thoughts on the February jobs data
The US employment situation summary for February showed an improving labor market with 236,000 jobs created and unemployment down to 7.7%. These numbers are indicative of an improving labor market and reflect the likelihood that the US will…
Unequivocally strong North American jobs data
The US jobs data was consistent with the recent string of data clearly showing a surprising resilience to the anticipation and tightening of fiscal policy. The Canadian employment data was also stronger than expected.
Krugman: IS-LM economic modeling failure (part 1)
Now the bad times are back, and Krugman is trying resuscitate IS-LM. I argue that he should leave it dead – not for the reasons that the new classicals killed it off (being inconsistent with neoclassical microeconomics is a plus in my…
Trouble in Canada’s economy
Analysts are beginning to raise concerns about Canada's near-term economic growth. The nation's central bank is holding the overnight rate at 1% and will likely maintain this level for some time to come.
Achuthan: The US has been in a recession for three quarters of a year already
Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, was on "Bloomberg Surveillance" this morning repeating his claim that a US recession "began around the middle of last year".
On continued recovery in the US
More and more the economic data coming out of the US seems to support continued recovery. The housing data certainly does. Consumer credit is increasing. And the Fed Flow of Funds data shows household balance sheets significantly repaired.…