In an excerpt from his book, reprinted here by permission of Simon & Schuster, Karabell traces how employment data collection originated as a progressive antidote to economic inequality. But even the reformists who developed those statistics, Karabell notes, were wary of the “mania for statistics.”
Read moreWhat's the Big Deal About Official Economic Data?
The monthly jobs report is big news on the first Friday of every month, swaying the financial markets and prompting immediate analysis. But should these numbers matter so much? A new book, "The Leading Indicators," argues we overvalue data like the GDP and inflation. Economics correspondent Paul Solman talks to author and analyst Zachary Karabell.
Read moreIs Unemployment Caused by a Skills Mismatch?
"Can America's Unemployed Fill American Jobs?" looked at the extent to which high unemployment is structural and how much is cyclical. Zachary Karabell of economic research and consulting firm River Twice thinks much of what we're seeing is structural. Mike Konczal of the Roosevelt Institute, on the other hand, argues unemployment is mostly cyclical, or tied to the economic cycle.
Read moreCan America’s Jobless Fill American Jobs?
With the U.S. unemployment rate stuck around 9 percent, economics correspondent Paul Solman explores whether widespread joblessness is simply the result of a weak economy or if a broader shift toward higher-skill work is occurring that could leave many Americans behind even when the economy recovers.
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