Best simile ever for Trumpian trade policy. From UPI:
Prob(recessiont) = -1.925 – 16.10 freightgrowtht + ut
McFadden R2 = 0.51 NObs = 235 (2000M01-2019M07). Coefficients significant at 5% msl bold.
1. The deceleration in employment growth is noticeable; 2. Taken with the preliminary benchmark revision, it’s possible employment growth deceleration is even more marked; 3. With accounting for temporary census workers, m/m growth is fairly anemic; 4. Nonetheless, latest vintages of key indicators suggest only a slowdown; 5. Manufacturing employment and hours (as well as production) still below peak.
A Tenure-track Position at UW Madison
Today, we are pleased to present a guest contribution written Hiro Ito (Portland State University) and Robert N. McCauley (formerly Bank for International Settlements). The views presented represent those of the authors, and not necessarily those of the institutions the authors are affilliated with.
…using plain vanilla 10yr-3mo probit regression, over 1986M01-2019M08 period, using data shown below in Figure 1 [corrections to data, update results 9/5]