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Graphic Economics

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



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.

 
Monthly Employment Growth Print

April 5, 2013

One positive item in the latest jobs numbers is that the share of unemployment due to people voluntarily quitting their jobs rose to 8.4 percent, the highest since last March. This can be an indicator of workers' confidence in their job prospects, but we would have to see it persist for a longer period of time for that to be the case.

jobs-2013-04-ge

For more, see the latest Jobs Byte.

 
Change in Housing Units Started and Construction Employment, 2000-2013 Print

March 26, 2013

While the come back in the housing market is impressive, it is important to realize that the rapid growth is starting from very low levels. Starts peaked at over 2 million in 2005; the 917,000 annual rate for February was still less than half of the bubble level. It is reasonable that starts will continue to increase over the course of the year, as vacancies are falling back to more normal levels. However the vacancy rate still remains at unusually high levels. Furthermore, it is not plausible that starts will go back to their bubble pace.

hmm-2013-03-ge

For more, check out the latest Housing Market Monitor.

 
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