On The Economic Populist you might have noticed the middle column. We try to list other sites and blogs who have exceptional insight and writing on what is happening in the U.S. economy.
Sometimes though, one cannot say it better but miss those who did.
Must Read #1
James Hamilton, over at Econbrowser has a easy to read, lots of graphs analysis post on some recent reports on auto sales, home sales, ADP jobs report in Anemic Recovery. If I wrote up my own thoughts on many of these reports, it would be almost identical so check out his site. Here's one:
I'm seeing the same story in new home sales. These are up on a seasonally adjusted basis mostly because they had previously been so very low, not because the market is remotely back to normal.
Hamilton is also referring to that infamous rate of change view versus the absolute totals in the above commentary on the state of the economy.
Must Read Post #2
EconomPic has more analysis on auto sales for emerging economies. We also have Goldman Sachs claiming strong global growth, i.e. not the U.S. that's getting out of this economic hole, but emerging economies. EconomPic is showing some evidence, instead of the hype, that the U.S. has probably transferred enough of it's own economy to these emerging economies for a consumer market to actually take off.
Must Read Post #3
Nonfarm private employment decreased 169,000 from October to November 2009 on a seasonally adjusted basis. The estimated change of employment from September to October was revised by 8,000, from a decline of 203,000 to a decline of 195,000.
ADP will then chatter about unemployment being a lagging indicator but guess what, it's also a coincident indicator by the total number of jobs. Why? Because employment interacts with all sorts of other indicators, such as consumer spending.
Must Read Post #4
The big issue here is not the financial markets but the real economy. Bernanke was unwilling to intervene in markets, namely the subprime/housing bubble when it would have hurt Wall Street and saved us this mess. He (and Paulson and Geithner) falsely sold the bailouts on the idea that they would get lending going and trickle down the little guy. But that was false, unemployment is rising, the banks are not lending. Bernanke not only has no plan B, and more important, he has NO INTEREST in a plan B, such as really cleaning up the banks, which would be painful short term but would set the foundation for a recovery. We are now on our way to Japan style malaise.
If Volcker were to return, I would probably be on board with this effort.
Must Read Post #5
Like most things, the lowest wage workers get the most screwed. It's common sense to give people paid days off for illness as well as personal. Even worse, these wages are so low even a day unpaid means they will not make rent (if they can make rent in the first place). Obviously dumping the costs onto small business is yet another issue.
Earlier today I called EPI's jobs plan the worst jobs plan ever. See An Infrastructure Jobs Program to Create Millions of Jobs, in particular the AAM report, for a superior plan that kills many birds with one stone.