On Friday, the CBO released The Effects of Pandemic-Related Legislation on Output.
The map below shows the geographic variation in the decline in nonfarm payroll employment relative to August 2019. Nationwide, the decline is 6.8% (NFP growth was trending at 1.6% up to February 2020, 1.3% up to August 2019).
Statistics released by Wisconsin DWD show nonfarm payroll employment growing in line with US, but — like at the national level — at a decelerating pace.
And the US is fast approaching Italy’s record.
Not good news. Not that it was so great even before this.
Nominal GDP targeting has been advocated in a recent Joint Economic Committee report “Stable Monetary Policy to Connect More Americans to Work”.
With today’s industrial production release, here’s a picture of five indicators tracked by the NBER’s Business Cycle Dating Committee (BCDC):