The Fed Has Whiffed Again—–Massive Monetary Stimulus Has Not Helped Labor, Part 2

In Part 1 we established the rather obvious point that in today’s world of flexible just-in-time production, hours-based labor scheduling and gig-based employment patterns, there is really no such standardized labor unit as a “job”. Accordingly, the headcount-centered  metrics of the BLS, such as the U-3 unemployment rate and the nonfarm payroll numbers, are a relic of a […]
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