great recession was not a recession

Proving The ‘L’ In Labor

By Jeffrey P. Snider|2018-06-06T12:15:56-04:00June 6th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Back in 2011 and 2012, apple growers in the state of Washington got the government there to declare an emergency. They were expecting a record or near-record crop of fruit but they just couldn’t find enough workers to harvest it all. Faced with a potentially devastating labor shortage, Washington’s governor turned to convicts. I wrote about it in 2013 and [...]

Huge Wage Bias

Basic economics has proven that when the supply of something dwindles, absent an offsetting drop in demand the price should rise. When translating these fundamental terms to the labor market especially of the past few years, the supply means “slack” or the available pool of workers not yet working; demand has been, we are told repeatedly, very robust; therefore the [...]

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