There are numerous ways to assess the performance of the macroeconomy. On the first Friday of each month, the U.S. Bureau of Labor Statistics provides estimates of what might be the most commonly cited measures of macroeconomic performance—the number of jobs created or lost and the unemployment rate for the preceding month. The attention given to these numbers reflects the Keynesian-inspired preoccupation with jobs or, more precisely, with the failure of the private sector to “create” enough jobs to eliminate the excess supply of labor brought about by a lack of aggregate demand.1
As fascinated as politicians and the public might be with the employment numbers, there is a more comprehensive measure issued every calendar ...
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