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Graphic Economics

A collection of graphic representations of data by CEPR researchers on important economic issues.



Wages Net of Payroll Taxes: 2013 and 2045 Print

May 31, 2013

 

ss-2013-06-ge

For more, read the latest Social Security Byte.

 
Year-Round Vacancy Rate, 1965-2013 Print

May 28, 2013

The year-round vacancy rate stood at 10.5 percent in the first quarter of 2013. This is down from a peak of more than 11.0 percent in 2010, but still well above the vacancy rate in the years before the bubble. The vacancy rate was under 9.0 percent in the 1990s and less than 8.0 percent in prior decades. The high level of vacancies will limit the pace at which prices rise and starts increase in many areas. If a normal rate of starts is in the range of 1.4-1.5 million units, the sector is not likely to reach this pace until at least 2015.

hmm-2013-05-ge

For more check out our latest Housing Market Monitor.

 
Unemployment Rate, Educational Attainment, 2007-2013 Print

May 3, 2013

One issue worth emphasizing from the recent job numbers and past reports is that there is zero evidence that the prolonged period of high unemployment is due to a lack of skills of the workforce. This is known because there are no major areas of the economy in which we see the standard signs of a shortage of skilled workers: rising wages, increasing hours, and large numbers of vacancies. However at an even more basic level, the rise in unemployment rates has been roughly proportionate across education levels.

jobs-2013-05-ge

For more, check out the latest Jobs Byte.

 
Year-Over-Year Change in Zillow Home Value Index, March 2012 - March 2013 Print

April 30, 2013

The rapid run-up in housing prices seems to be hitting many of the central California cities that were at the epicenter of the housing bubble. Prices in many neighborhoods in places such as Vallejo, Modesto, and Stockton have risen by 20 percent or more over the last year.

hmm-2013-04-ge

For more, check out our latest Housing Market Monitor.

 
Difference Between Gross Domestic Product and Net Domestic Product Annual Growth Rates, 1950-2012 Print

April 26, 2013

The Commerce Department has announced that it plans to change its methodology with the next report on the Gross Domestic Product to count research and development and intangibles as investments. This will raise GDP since these expenditures will be counted as a final good rather than a cost of production.

While the idea is sound in principle, there are large methodological problems in implementation. For example, spending that is entirely rent-seeking in nature (e.g. innovating around a patent) will be counted the same as spending that leads to real economic benefits.

A way around this problem is to focus on net domestic product (NDP). The advantage of using the net measure is that it corrects for measurement errors in assessing the value of investment. If we overstate the value as an investment, we also overstate the value of the depreciation, making the net figure close to accurate. And, since we can’t eat depreciation, it is net NDP we care about.

gdp-2013-04-ge

For more, see the latest GDP Byte.

 
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