tag:blogger.com,1999:blog-582368152716771238.post5032617402124313942..comments2024-03-28T11:50:52.581-05:00Comments on The Grumpy Economist: Real time labor market surveyJohn H. Cochranehttp://www.blogger.com/profile/04842601651429471525noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-582368152716771238.post-29945467886556432362020-04-18T13:59:36.001-05:002020-04-18T13:59:36.001-05:00If national output is proportional to the labor-fo...If national output is proportional to the labor-force employment rate, then, as a rough estimate, national output declined 16.5% in the period March 29th thru April 4th from the prior period. If GDP is $22 trillion in a given year, a 16.5% decline in output represents a reduction of $3.6 trillion in one week annualized. This, admittedly rough, estimate speaks to the anxiety around delaying the re-opening of those sectors of the national economy that have been shut by government decree to "fight" the SARS-CoV-2 virus epidemic. The scale of the economic damage is astonishing. By way of comparison, gross private savings and investment for 2019 logged in at $4.7 trillion. Old Eagle Eyehttps://www.blogger.com/profile/05270080708077871311noreply@blogger.com