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On CNBC’s “Squawk Box,” which aired Friday, Austan Goolsbee, a professor of economics at the University of Chicago Booth School of Business and former chairman of President Barack Obama’s Council of Economic Advisers, praised the number of jobs created, but noted that if GDP falls in A large number of jobs are being added at the same time as the decline, “which must mean that productivity is falling” and we may “see a continuation of this negative real wage growth.”

“I mean, it’s an eye-popping number,” Goolsbee said. “We’ve never gotten unemployment this low, we’ve added 500,000 jobs. I mean, I think, Given all the rate hikes, we could be disappointed or missed. You’ll never hear me criticize our 500,000-job job number. I want to highlight two areas, not weaknesses, but dangers. First, If you add jobs at this rate, if GDP is shrinking, it’s bound to mean lower productivity, and if productivity falls, it doesn’t have much of an impact on wages. So you’re likely to see a continuation of this negative real wage growth. But the second thing is that this is fundamentally unstable. Not enough people continue to add 500,000 jobs a month. So, under a fairly quick order, that is — it has to stop. We have to get to the fact that of full employment, and then it’s not that big. So when that happens, people won’t be surprised.”

Follow Ian Henchett on Twitter @ianhanchett

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