Friday, April 03, 2009
Most readers will want to lay this at the feet of the financial crisis, but Jim Hamilton has another potential explanation: Oil prices. I'm intrigued by that, but I don't see how a supply shock explains inflation behavior over the last year. I'll have to read his paper to see if there's an answer to that.
Meanwhile Mark Perry notes the flip from earlier recessions in terms of gender: Male unemployment is 2% above female. I suspect that is due to the sectors in which employment is weakest -- manufacturing and construction lost 43% of total job loss while representing under 20% of the work force. I don't have data on share of construction and manufacturing employment that is male (I'm sure friends at BLS could find it for me) but I'd be shocked if it wasn't heavily male.