Monday, March 12, 2012

The Jobs Market and Past Recessions

Jared Berrnstein quotes EPI’s Heidi Shierholz:
In terms of job growth since the recession officially ended (June 2009), this time around isn’t that different from the last two recoveries—better than the 2001 version and a bit worse than the 1990s one.
What is noteworthy is that jobs growth has been increasing for months now, but that Keynesians have only spotted the uptick in recent weeks. Their models, which are nothing more than averaging trends out over x months, simply can't detect a trend just as it is changing. Only a theory like Austrian Business Cycle Theory, which explains the change in trend outside of the trend itself and looks at the causal factors behind the trend, can do so.

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