99.2 LABOR SHORTAGE! A Fed ‘Get out of Jail Free’ card
———Ep 99.2 Summary———
Labor shortages are normal, at the microscale, from time to time, in this or that industry. Yet since 2008, establishment economists use “labor shortage” as an excuse to: A) support a misleadingly low unemployment rate and, B) explain away the participation problem.
———Ep 99.2 Topics———
00:00 Show Intro: America is suffering from a LABOR SHORTAGE says the Fed and financial media.
00:51 Citing Beige Book examples of labor shortages in New England and Texas, from yesteryear.
05:08 The normal, microscale labor shortages are now used as a macro policy shield of the Fed.
08:03 Confident businesses could eliminate labor shortages with market clearing wages, ergo…
11:51 Job Openings from the JOLTSurvey imply a huge labor shortage.
16:03 Other data disconfirm the JOLTS Job Openings metric; is it a data/methodology flaw?
———Ep 99.2 References———
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by the top hat of illustrated monetary satire, David Parkins. Podcast intro/outro is “Nite Glo” by Molife from Epidemic Sound.