Employment
Jo Freeman Writes: The Lost Promise, American Universities in the 1960s by Ellen Schrecker
Jo Freeman Writes: "This is a book about protests – which is the historical memory of what the 1960s was all about. It is also a book about professors. They are the prime subjects of the author’s chapters, even though students were often the prime actors. World War II made the difference. That conflict brought government money to scientists and the G.I. bill brought tuition payments to veterans. Money moved colleges and universities from being a finishing school for gentlemen to being a 'multiversity' where the 'knowledge industry' was a major source of revenue, progress, prestige and upward mobility."
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Board of Governors: Minutes of the Federal Open Market Committee June 14–15, 2022; Consumer Price Inflation Remained Elevated
Total nonfarm payroll employment rose solidly in April and May, though the pace of increase was slower than in the first quarter, and the unemployment rate remained unchanged at 3.6 percent. The unemployment rates for African Americans and for Hispanics were little changed, on net, though both rates remained noticeably higher than the national average. On net, the labor force participation rate edged down between March and May, while the employment-to-population ratio was unchanged. The private-sector job openings rate, as measured by the Job Openings and Labor Turnover Survey, edged lower in April but remained at a high level. Nominal wage growth remained elevated, with average hourly earnings having risen 5.2 percent over the 12 months ending in May, and the increases were widespread across industries. Consumer price inflation remained elevated. Total PCE price inflation was 6.3 percent over the 12 months ending in April, and core PCE price inflation, which excludes changes in consumer energy prices and many consumer food prices, was 4.9 percent over the same period. more »
IRS: Taxpayers Now Have More Options to Correct, Amend Returns Electronically; Determing the Value of Donated Property
"The Internal Revenue Service announced today that more forms can now be amended electronically. These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico) and Forms 1040-PR, Self-Employment Tax Return – Puerto Rico." "Taxpayers can also amend their return electronically if there is change to their filing status or to add a dependent who was previously claimed on another return." more »
"Let's start at the beginning" ... Federal Reserve Post About Lessons Learned on Normalizing Monetary Policy: "Additional insight that only experience can bring"
"So, it should not have been a surprise that the policy rate would rise fast in 2022. Rate hikes would need to be larger and more frequent, relative to the 2015-2018 tightening pace, to get back to neutral. Looking back, should the Committee have signaled a steeper rate path once the liftoff criteria had been met? Perhaps another lesson is that giving forward guidance about liftoff should also include forward guidance about the possible path of the policy rate after liftoff." more »