Category Archives: unemployment

U.S unemployment rises slightly to 7.6% Canada falls slightly to 7.1%

Posted on June 7, 2013 by haroldchorneyeconomist

The American economy created 175000 net new jobs in May as unemployment rose very slightly to 7.6%. The broad measure of unemployment U6 fell slightly to 13.8 % from 13.9% last month.In Canada employment rose by 95000 and the unemployment … Continue reading →

Posted in austerity, Canada, U.S., Uncategorized, unemployment | Tagged , , | Leave a comment

European obsession with austerity and inefficient job search repeats error of the 1930s

Posted on May 31, 2013 by haroldchorneyeconomist

There was discussion in the financial press today and yesterday about the fact that the EU has extended the deadline by which they expect countries like France, Spain and Italy to meet the 3% deficit to GDP targets which the … Continue reading →

Posted in austerity, classical economics, deficit hysteria, European unemployment, France politics+economy, full employment, Greek sovereign debt crisis, quantitative easing, Spain, U.K. economy, Uncategorized, unemployment | Tagged , , | Leave a comment

Reinhart and Rogoff study based on flawed data:I pointed this out in 2010

Posted on April 20, 2013 by haroldchorneyeconomist

It comes as no surprise to me that researchers at the University of Massachusetts at Amherst have published a study showing that the conclusions which Carmen Reinhart and Kenneth Rogoff drew about debt and economic growth were inappropriate and unjustified … Continue reading →

Posted in business cycles, deficit hysteria, deficits and debt, Uncategorized, unemployment | Tagged , , | Leave a comment

Unemployment in Europe averages 12 % as of February 2013

Posted on April 2, 2013 by haroldchorneyeconomist

The bitter fruits of austerity are on display in the latest unemployment report from Eurostat. Overall there are 26 million people out of work in Europe. unemployment averages 12 %. It is 10.8 % in France,7.7 % in the U.K., … Continue reading →

Posted in austerity, business cycles, deficit hysteria, European debt crisis, European unemployment, fiscal policy, France politics+economy, monetary policy, Spain, U.K. economy, Uncategorized, unemployment | Tagged , , | Leave a comment

Robert Mundell, Columbia University economist criticizes overvalued euro which promotes unemployment and urges QE

Posted on March 25, 2013 by haroldchorneyeconomist

Robert Mundell, a Nobel prize winning Canadian economist at Columbia University and a specialist on trade,exchange rates and currencies has wisely critiqued the European central bank for allowing an overvalued exchange rate on the euro which has harmed growth in … Continue reading →

Posted in austerity, balance of payments, business cycles, classical economics, European debt crisis, European unemployment, free trade and globalization, full employment, quantitative easing, unemployment | Tagged , , , | 4 Comments

Italian electorate rejects austerity by overwhelming margin

Posted on February 26, 2013 by haroldchorneyeconomist

The Italian electorate has overwhelmingly rejected the austerity which its technocratic government led by Mario Monti with the backing of Germany had imposed on the country. Mr. Monti’s party according to La Repubblicca received a mere 10.5 % of the … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, fiscal policy, Italian debt crisis, J.M.Keynes, monetary policy, treasury view, Uncategorized, unemployment | Tagged , , | Leave a comment

American Recovery Act and stimulus program has a multiplier of more than 2: hence it was a very effective program

Posted on February 20, 2013 by haroldchorneyeconomist

There have been a lot of false claims made about the ineffectiveness of the American Recovery act and the stimulus that it administered. But if one actually examines the data and calculates the rise in the GDP over the years … Continue reading →

Posted in business cycles, deficit hysteria, fiscal policy, Keynesian multiplier, treasury view, U.S., Uncategorized, unemployment | Tagged , | Leave a comment

Europe still mired in austerity, slow growth and possible recession and excessive unemployment

Posted on February 12, 2013 by haroldchorneyeconomist

The situation in Europe continues to be worrisome and exasperating. The stubborn ideologically driven opposition to stimulating the economy through major infrastructure and employment creating investments and a supportive low interest monetary policy including where appropriate quantitative easing is long … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, France politics+economy, full employment, J.M.Keynes, Keynesian multiplier, labour market clearing, monetary policy, quantitative easing, Spain, treasury view, U.K. economy, Uncategorized, unemployment | Tagged , , | 2 Comments

German American economist N.Johannsen and impair savings:important clue to current slow recovery

Posted on February 10, 2013 by haroldchorneyeconomist

The German American amateur economist Nicholas Johannsen (1844-1928) published a work in 1908 entitled A Neglected Point in Connection with Crises in which he developed the notion of ”impair savings” He used this notion to point out that crises originated … Continue reading →

Posted in business cycles, classical economics, fiscal policy, full employment, J.M.Keynes, monetary policy, Uncategorized, unemployment | Tagged , , | 1 Comment

Canadian employment falls by 21,900 but headline unemployment rate falls to 7.0 %

Posted on February 8, 2013 by haroldchorneyeconomist

Statistics Canada has released its latest Labour force survey for the month of January. It shows that unemployment has fallen to 7.0 % but there are 21,900 fewer people employed and the fall in the headline rate is due to … Continue reading →

Posted in Alberta, austerity, business cycles, Canada, fiscal policy, full employment, J.M.Keynes, labour market clearing, monetary policy, Québec, Uncategorized, unemployment | Tagged , , | 1 Comment