Before we get started, remember -- isn't today the day we hear from "the Fed"?
Now, back to our regular programming.
From the linked article:
- stagflation: a nasty mix of high inflation, increasing unemployment, and stagnant job growth.
Global macroeconomics:
- the Brits: hypersensitive about unemployment
- the Germans: hypersensitive about inflation
- the Americans: hypersensitive about the market and profits
Mohamed El-Erian:
- an Egyptian-American economist and businessman;
- President of Queens' College, Cambridge (that would be the Cambridge in the UK, not in the US); and,
- chief economic adviser at Allianz, the corporate parent of PIMCO where he was CEO and co-chief investment officer.
British unemployment:
- August, 2022, most recent data: unemployment came in lower than forecast
- at 3.6%, lowest rate since 1974
European unemployment:
- Germany has one of the lowest unemployment rates in the EU: 2.9% (from 15 years of age to 74!).
- lowest:
- Czechia: 2.3%
- Poland: 2.6%
US unemployment:
From August 28, 2022: lots of room to put "millions out of work” (per "the Fed") and still stay below 3% U-1 unemployment.
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