There are numerous ways to assess the performance of the macroeconomy. Toward the beginning of every 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 of 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 jobs numbers, there is a more comprehensive measure issued every calendar ...
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