April 05, 2005
Kash of Angry Bear Is Upset
Employment is almost exactly the same as it was four years ago, even though there are an extra twelve million Americans sixteen and over:
Angry Bear: The most disappointing part about the US economy's poor job creation right now is that we may well be pretty much at the peak of economic growth for this business cycle; most economists forecast growth in the US to slow gradually from 2004's pace over the next two years... and those economists who think hard about the US's necessary current account adjustment (are you surprised that I was able work that subject into this post?) suspect that the economy may slow more than just gradually sometime over the next year or two. If this is the best job creation that the US economy can do when growth is relatively strong, what will the labor market look like as the US economy slows?
Posted by DeLong at April 5, 2005 01:01 PM