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from David Ruccio In a recently leaked audio file (from a private fundraiser in February), Hillary Clinton referred to them as “children of the Great Recession. . .living in their parents’ basement,” who “feel they got their education and the jobs that are available to them are not at all what they envisioned for themselves. And they don’t see much of a future.”* Well, as it turns out, the children of the Great Recession, especially those who completed college in recent years, were right:...

New paperback from WEA BooksA Philosophical Framework for Rethinking Theoretical Economics and Philosophy of Economics by Gustavo Marquesis now available from the Amazon pages listed below Here are links to the book’s pages on the various AmazonsUnited States $18.50,  Brazil, Canada, France, Germany, India, Italy, Japan, Mexico, Spain, United Kingdom £14.25 This book argues that mainstream theoretical economics has been a basically misdirected effort at creating and exploring imaginary...

Less than expected, July/August total revised down, earnings gain less than expected. Yes, unemployment was up because the labor force increased, but arguably it was functionally that large in the months before, etc, which means, functionally, unemployment had been that much higher all along, etc. etc. and all to my suspicions that the drop in the participation rate might be close to entirely cyclical, meaning the ‘slack’ might be equiv. to a headline unemployment rate well...

from David Ruccio The case for changing the way we teach economics is—or should be—obvious. It certainly is apparent to the students of Manchester University’s  Post-Crash Economics Society and to the other 44 student groups, members of Rethinking Economics, pressing for pedagogical changes on campuses from Canada to Italy and from Brazil to Uganda. But as anyone who teaches or studies economics these days knows full well, the mainstream that has long dominated economics (especially at...

This low, and not adjusted for population- tell me it’s not because they are much harder to get, thanks! Initial Jobless Claims Near Four Decade Low -5k to 249k in latest weekly survey. In the week ending October 1, the advance figure for seasonally adjusted initial claims was 249k, a decrease of 5k from the previous week’s unrevised level of 254k. The 4-week moving average was 253,500, a decrease of 2,500 from the previous week’s unrevised average of 256k. This is the...

from Mark Weisbrot Republican nominee Donald Trump’s embarrassments and scandals keep piling up, from his Twitter meltdown last Friday night to The New York Times revelations that he could have gotten away without paying income taxes for the past 18 years. These may have some impact on the race, although it’s tough to guess how much. But a recent piece in the Times about Trump’s potential influence on the stock market could really take some votes away from him, if it happens to go...

Some Big U.S. Cities See Apartment Rents Fall for First Time in Years By Laura Kusisto Oct 4 (WSJ) — Rents in San Francisco declined 3%, while they fell about 1% in New York and edged lower in Houston and San Jose, Calif., the first drops in those markets since 2010, according to apartment tracker MPF Research. Across the U.S., rent growth was 4.1% on average. According to a report by Axiometrics Inc., growth in the U.S., slowed to 3% in the third quarter from 5.2% in the...

The year over year change not looking so good: Highlights Purchase applications for home mortgages were down just 0.1 percent from the prior week in the September 30 week, but the comparison with the year ago week plunged sharply into deeply negative territory at minus 14 percent. Refinancing applications were up 5.0 percent from the prior week, however, as more mortgage holders seized the opportunity to refinance with lower interest rates. The refinancing share of mortgage...

I received an e-mail from an undergraduate economics student who was curious about economic policy in Washington, DC. His question says a lot about the current state of affairs. Here it is with my reply. From: Xxxxxxx Xxxxxxx [mailto:[email protected]] Sent: Saturday, October 1, 2016 10:56 AM To: mail Subject: Question from an undergraduate Dear Dr. Palley, I am [...]

October 5th, 2016 Ann Pettifor spoke on a Bloomberg TV panel with Gerard Lyons, Ambassador Paquale Terracciano and host Francine Lacqua on The Pulse.  The U.K. services industry recorded a decent expansion in the first month after Brexit, all but scrubbing the chances of the U.K. economy contracting in the third quarter. The data make it more likely that that Bank of England’s Monetary Policy Committee will refrain fromeasing further this year, although policy makers will want to see the...