Today's numbers show that the economy created only 120,000 new jobs in March. As I have written in this blog before, the economy is not going to start generating jobs at an impressive rate until broad money supply (M3) expands. M3 has been stagnant below 15 trillion since early in the recession, and has not shown meaningful growth over the last several months. Given the lag between monetary expansion and economic response, even if money supply starts to expand immediately, expect job creation to be slow for the remainder of the year.
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6/24/2012 03:37:35 pm
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James F OehmkeMy biases are socially liberal and fiscally conservative, but I try to present objective economic analysis and interpretation in my blog. Archives
July 2012
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