The good news, such that it might be, is that the BLS – using data from the Census Bureau – believes that the American population is slowing down. According to the latest Civilian Non-institutional population estimates for January 2021, published alongside the current payroll report, the count was adjusted downward by around 400,000 consistent with the same kind and level revisions of the prior couple years.
Demographic trends like this aren’t normally taken for a positive. But with fewer new Americans, the struggling economy won’t have to create as many new jobs to keep them gainfully employed and out of the streets. As it is now, forgetting the 10 million who lost jobs last year and didn’t get them back, as politicians and Economists alike tend to do, the labor market isn’t even keeping up with reduced population expansion. Read more…..
Chart of the Day
Prime Minister Narendra Modi has told India’s population of 1.3 billion people to stay at home. The lockdown is currently planned for 3 weeks.