The employment shock in context.
Determine 1: NFP (daring blue), Bloomberg consensus of 4/4 (mild blue x), family sequence adjusted to NFP idea (inexperienced), Philadelphia Fed early benchmark (pink), combination weekly hours index of personal manufacturing & nonsupervisory employees (tan), all in logs, 2011M11=0. Supply: BLS by way of FRED, Philadelphia Fed, Bloomberg, and writer’s calculations.
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