consumption
U.S. Labor Market Continues to Disappoint
The number of workers filing new claims for unemployment benefits fell by 5,000 last week to 381,000, a smaller decrease than analysts had predicted. The four-week average of new claims, a less volatile measure, rose to 375,250 from 372,000, indicating that the U.S. labor market remains weak and far away from a recovery. Coming after last month's half percent spike in unemployment to 5.5%, these figures add further gloom to the current picture of the U.S economy and will put pressure on the Fed hold its target funds rate at 2% when it meets next week.
Snapshot asks, to what degree will falling consumer spending be exacerbated by labor market weakness?
Wall Street Journal - Jobless Claims Fall in Latest Week
Bloomberg - U.S. Initial Jobless Claims Fell to 381,000 Last Week
Reuters - Treasuries extend losses after jobless claims
Associated Press - Stocks trade mixed after dip in jobless claims
Do Good Lives Have to Cost the Earth?
The question in the headline was the theme of a conference I attended last month that suggested strongly that no they should not. The conference hosted by the New Economics Foundation, a UK-based "think and do tank" provided statistics, charts and graphs to show us explicitly that indeed happiness is not necessarily linked with material wealth and increased consumption. We all nodded and agreed -- yes we certainly understood that of course a good life does not have to cost the earth. I mean, who wouldn't prefer a meal cooked from a home garden to a meal cooked at a five-star steak house? And then the challenge was put to us -- so how do you convince everyone else of this so as to lower our collective footprint and begin to heal the earth?
Many discussions were had with some of the best thinkers on the topics of economics, sustainability, and climate change among other areas of expertise to contemplate this basic yet in some ways complex question. And all the while I kept struggling with this question. One that I often struggle with: Why should people care? Why should people care about the earth? And more pointedly, because of the work I do, why should people care about climate change? After all, climate change is this somewhat amorphous concept -- I'm not experiencing anything profoundly life-threatening because of climate change. (Or at least that's what it feels like. . .)
