Unemployment Confronts Obama Rhetoric With Chronic Joblessness
Posted by: in Home Mortgage Online, tags: Bloomberg, Chief Executive Officer, Economists, Edmund Phelps, Excerpt, Fallout, Full Employment, Investment Management, Joblessness, Jobs, Mid 1990s, Mohamed, More Than Five Decades, Nobel Prize Winner, Pacific Investment Management Co, Random, Recession, Rhetoric, Rich Miller, Unemployment RateRandom Feed wrote an interesting post today on
Here’s a quick excerpt
By Rich Miller Bloomberg.com Sept. 28 (Bloomberg) — Full employment ain’t what it used to be. Economists since the mid-1990s have reckoned that full employment was equivalent to about a 5 percent unemployment rate, taking into account the time required to switch jobs. Now Nobel Prize winner Edmund Phelps and Pacific Investment Management Co. Chief Executive Officer Mohamed El-Erian say the fallout from the deepest recession in more than five decades is driving the so-called natural rate h
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