Deconstructing the U.S. Employment Data

Global Macro Monitor

Take a look at construction employment.  Now you know why the President’s political handlers are so desperate to get the housing market turned around.  Normally  lower interest rates stimulates the construction and leads the economy out of recession.   This time is different as the monetary transmission mechanism is broken due to the legacy of the credit and housing bubble.

(click here if charts are not observable)

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