Around The Dial – Dec. 28
Economic policy reports, blog postings, and media stories of interest:
- Paul Krugman inhabits “a finite world.”
- Calculated Risk asks about the unemployment rate in 2011.
- Ezra Klein scores the Obama administration’s record on inequality.
- The New York Times profiles new members of the Open Market Committee.
Crash Course
Jeffrey Sachs of Columbia University argues that “America is on a collision course with itself.”
The problem is America’s corrupted politics and loss of civic morality. One political party, the Republicans, stands for little except tax cuts, which they place above any other goal. The Democrats have a bit wider set of interests, including support for health care, education, training, and infrastructure. But, like the Republicans, the Democrats, too, are keen to shower tax cuts on their major campaign contributors, predominantly rich Americans.
…
The result is a dangerous paradox. The US budget deficit is enormous and unsustainable. The poor are squeezed by cuts in social programs and a weak job market. One in eight Americans depends on Food Stamps to eat. Yet, despite these circumstances, one political party wants to gut tax revenues altogether, and the other is easily dragged along, against its better instincts, out of concern for keeping its rich contributors happy.
Around The Dial – Dec. 27
Economic policy reports, blog postings, and media stories of interest:
- The New York Times considers “superstar pay.”
- Robert Shiller popularizes “the balanced-budget multiplier theorem.”
- The Baseline Scenario revisits the debate over bankers’ pay.
- The Economist mulls the “most significant economic developments of 2011.”
South by North Strategies in The News
South by North Strategies’ recent analyses of North Carolina’s economy have been featured in several media outlets.
- The Charlotte Observer: “More NC jobs likely amid big challenges”
- The News & Observer: “Outlook for recovery in 2011”
- The Charlotte Observer: “Much depends on where you reside”
- The News & Observer: “Outlook better for N.C. jobs“
NC Unemployment Claims: Week of 12/4
For the benefit week ending on December 4th, 15,494 North Carolinians filed initial claims for state unemployment insurance benefits, and 125,243 individuals applied for state-funded continuing benefits. Compared to the prior week, there were more initial and continuing claims. These figures come from data released by the U.S. Department of Labor.
Averaging new and continuing claims over a four-week period — a process that helps adjust for seasonal fluctuations and better illustrates trends — shows that an average of 16,362 initial claims were filed over the previous four weeks, along with an average of 123,741 continuing claims. Compared to the previous four-week period, there were more initial and continuing claims.
One year ago, the four-week average for initial claims stood at 21,743 and the four-week average of continuing claims equaled 190,762.
While the number of claims has dropped over the past year, so has covered employment. Last week, covered employment totaled 3.7 million, down from 4 million a year ago.
The graph (right) shows the changes in unemployment insurance claims (as a share of covered employment) in North Carolina since the recession’s start in December 2007.
Both new and continuing claims appear to have peaked for this business cycle, and the four-week averages of new and continuing claims have fallen considerably. Yet continuing claims remain at an elevated level, which suggests that unemployed individuals are finding it difficult to find new positions. Also, new claims have been on the rise since September.
Also, little change has occurred within recent months. Since April 2010, the four-week average of initial claims consistently has ranged between 15,880 and 11,200.
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