For The Archives -- Stagflation -- September 21, 2022

Before we get started, remember -- isn't today the day we hear from "the Fed"?

Now, back to our regular programming.

Link here.

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.