tag:blogger.com,1999:blog-11027528911364475.post9111259865875195970..comments2024-02-18T21:10:05.205-08:00Comments on EconomPic: Least Hours on Record Since... Well... EverJakehttp://www.blogger.com/profile/07946497592651234440noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-11027528911364475.post-3708046220957886532009-08-13T20:33:52.542-07:002009-08-13T20:33:52.542-07:00I haven't said this to you before, but you do ...I haven't said this to you before, but you do some neat stuff, and this is one great example of it. Congrats.<br /><br />DavidDavid Merkelhttps://www.blogger.com/profile/05073877918072914309noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-92112582894758960462009-08-12T18:44:20.732-07:002009-08-12T18:44:20.732-07:00it's already posted my manit's already posted my manJakehttps://www.blogger.com/profile/07946497592651234440noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-47755570749884129672009-08-12T14:27:01.843-07:002009-08-12T14:27:01.843-07:00been following the blog through my rss for a while...been following the blog through my rss for a while, first time commenting.<br /><br />i would like to pile on to the requests to see this chart multiplied by real wages.<br /><br />also, great blog, and i intend to continue patronage.D.X.https://www.blogger.com/profile/09015932488172052576noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-3845994933438539442009-08-11T08:44:55.407-07:002009-08-11T08:44:55.407-07:00some might say we are more "productive"....some might say we are more "productive".....hence fewer hours...but if we are, and time is money, then wages should go up dramatically. (i.e. if you can pay a guy 10% more to get a job done in 50% less time...thats a good ROI).<br />I'm guessing that our buying power is dropping off a cliff, hence the drop in prices.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-87024611952507123412009-08-11T07:27:26.228-07:002009-08-11T07:27:26.228-07:00While I'm pretty much a bear about our current...While I'm pretty much a bear about our current economic situation, let me try to suggest a "green shoot" in the chart you've provided: <br /><br />If this recession is like that early 1980s recession, we could see a sharp recovery in hours worked as we come out of this. <br /><br />Unfortunately, I can think of a half-dozen reasons that won't happen--especially if you add the wage trend as suggested by your first poster.Terrynoreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-80541633489017447322009-08-11T07:00:03.438-07:002009-08-11T07:00:03.438-07:00I'll second annon, this is a great post and ad...I'll second annon, this is a great post and adding real (inflation adjusted) wages should be interesting. Even more revealing might be to show that in two graphs, one based on total compensation and the other on compensation received only by the lowest-earning 95%.<br /><br />Also I think it's generally agreed that there was a lot of undocumented immigration (mostly of young adults would be my guess) in 2000-2008. Would that be enough to explain why the amount of work generated by the economy didn't seem to recover to a higher level during those years?<br /><br />I'd also be very interested to see public-sector work stripped out. Not that public sector jobs aren't "real jobs," but certainly they aren't the economy's engine of growth. For that matter, stripping out the FIRE sector from the rest of the economy might also be revealing.<br /><br />Cheers!ComparedToWhat?https://www.blogger.com/profile/07414759785941444407noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-20628409485849396222009-08-11T06:19:36.335-07:002009-08-11T06:19:36.335-07:00Beautifully done and nicely argued. Having looked ...Beautifully done and nicely argued. Having looked at those numbers myself I took the E:P ratios from the '60s to '80s as representing a huge structural shift as more women entered the work force. Hence your original graph, which was effectively in the same regime, was a reasonable look at cyclic and secular changes. Your bottomline is intact imho.....we've had a major cliff-diving drop in labor force participation which, given the l.t. prospects for poor job creation, represents a new structural shift.Unknownhttps://www.blogger.com/profile/07898348310819841317noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-59264173220239792162009-08-11T06:19:21.045-07:002009-08-11T06:19:21.045-07:00Great chart, and one that's not commonly seen....Great chart, and one that's not commonly seen. Thanks!Kostahttps://www.blogger.com/profile/05362859167043918415noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-49162491711580856052009-08-11T05:07:34.329-07:002009-08-11T05:07:34.329-07:00good idea... will see if i can't get that set ...good idea... will see if i can't get that set for tomorrow morning.Jakehttps://www.blogger.com/profile/07946497592651234440noreply@blogger.comtag:blogger.com,1999:blog-11027528911364475.post-17524402932225535282009-08-11T05:04:42.552-07:002009-08-11T05:04:42.552-07:00excellent post. Now to get the real "eye pop...excellent post. Now to get the real "eye popper".... multiply the last graph by the trend in wages.<br />That will reflect the "earning power" (hence spending power) of the population.<br /><br />I'm guess that will be a VERY scary graph....Anonymousnoreply@blogger.com