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We need to change our economic indicators to keep up with the crisis

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Know once you get past the scale of the job losses with the latest numbers on first time claims for unemployment. They came out this morning putting the total at just under twenty seven million people who've lost their jobs once you get past that scale it is the speed. That's amazing. Twenty seven million jobs vaporized in five weeks which poses a challenge for those of us who observe analyze this economy accustomed as we are to quarterly and monthly data. Being good enough. So economists are getting creative. Marketplace's refinish war gets is going. The great recession played out gradually over eighteen months. What's happening today's instead of playing out of a months and years playing out of days and weeks. Justin Wolfer is a professor of economics at University of Michigan our friends. Gdp and the unemployment rate are reported once a month once a quarter but we need is economic indicators. To tell us what's happening today. Andrew Chamberlain is chief economist at glass door. He says luckily we live in an age of data. We have really different ways of measuring the economy today than we have a decade ago tech platform social media specialized firms have all kinds of useful real time. Data take for example would job search platforms can tell us you've got Twenty million unemployed Americans. You Might WanNa know whether they are all expecting to go back to work or not You might want to know if they're out there searching for jobs or not. The Federal Reserve looks at data from credit card processors to know how people are spending and payroll processing from. Adp to track jobs. Both of those come out. Weekly Ben Hur's on is an economist with IHS market the TSA started making available The public passenger traffic At airports on a daily basis in real time. And so we could see that passenger traffic at us. Airports had fallen like ninety five percent by the end of March. Weekly chain store sales. Tell us about spending electricity. Use can be a proxy for economic output. As for what exactly it's all telling US Gary Schlossberg is global market strategist with the wells. Fargo Investment Institute. They still show the economy continuing to decline. But there are a couple which are beginning to bottom out a little bit you know. There's some hope straws in that the economy is still weakening but approaching about whatever the indicator once you hit bottom. There's nowhere to go but up

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