Demographics

At the core of economic growth are two main factors: population growth and productivity.  All else equal, a larger population enables more production and consumption, but the quality and skills of the workforce are equally important.  When output per hour rises due to higher productivity, the cost per unit tends to fall, potentially driving down prices and increasing consumption, espe

America’s labor market remained strong during November 2017 according to data from the Bureau of Labor Statistics.  After adding 244,000 in October (downwardly revised from 268,000), employers increased payrolls by 228,000 in the penultimate month of the year.  Our nation’s unemployment rate held steady at 4.1 percent, tied the lowest level since December 2000. 

America’s current economic expansion, which started in June 2009, has been perplexing.  Our nation’s expansion has been described by some as a “New Normal” after old economic relationships have proven less reliable than before.  For instance, our economy’s pace of growth since the end of the Great Recession has been sluggish even though the Feder