ブレークイーブン雇用増

2024年7月公表のサンフランシスコ連銀エコノミック・レター。原題は「Breakeven Employment Growth」で、著者はNicolas Petrosky-Nadeau、Stephanie A. Stewart。以下はその要旨。Employment growth has consistently come in above pre-pandemic estimates of the rate needed for unemployment to stay near its long-run natural rate. Even so, unemployment has held steady, which raises the question of whether the “breakeven” employment growth rate has changed. In the short-run, recent surges in immigration and labor force participation have caused the current breakeven employment growth rate to rise as high as 230,000 jobs per month. However, the long-run brea

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