Unemployment
Hungarian inflation bound for 3% target after central bank cuts again
Hungarian National Bank cuts benchmark interest rate by 25bp for 11th successive meeting; forecasts that inflation will pick up in 2014 and hit target the following year
'Furious' jobs increase boosts Bank of Canada’s Poloz
Statistics Canada reports increase of 95,000 jobs in May; Poloz uses first speech in role to call for economic rebalancing and issue warning over low inflation
New York Fed forecasts support continued easing
Staff forecasts predict inflation and unemployment are unlikely to make significant progress toward their target levels in 2013
Portuguese central bank says austerity has hit long-term economic potential
Bank of Portugal annual report finds economy has contracted 7.2% since 2010, thanks to pro-cyclical fiscal contraction that 'may have a long-lasting negative impact on potential growth'
Paper finds pro-cyclical labour market in the great recession
Researchers claim US labour force participation since 2007 violates conventional wisdom on acyclical behaviour
US non-farm payroll stats strengthen case for more QE
Boston Fed president joins calls to continue QE programme as US employment recovery falters
Riksbank report deflects criticism over persistent below-target inflation
Economic commentary says low inflation is partly caused by factors outside the Riksbank’s control; argues tight policy cannot take all the blame for high unemployment
ECB under pressure to act as eurozone unemployment hits new heights
Analysts see growing chance of rate cut as eurozone unemployment rises 10%, while it falls in the rest of the European Union
Central banks need to be wary of ‘new’ monetary policy trends
Policy-makers are reappraising the role of independent central banks pursuing inflation targets. Bernd Braasch1 encourages them to use sound evidence to inform their judgements
San Francisco Fed dissects long-term unemployment
Long-term unemployment has ‘persisted remarkably’ since outset of recession; should disappear over time as economic activity increases
National Bank of Denmark expects recovery
Central bank says domestic demand and GDP growth will improve in 2013; existing unemployment should not have lasting impact
Bank of Spain charts economy’s downward acceleration
Data for fourth quarter show economy continuing to spiral downward, with contractions in growth and demand gaining pace
Bank of Israel paper advocates inflation sacrifice when wages are rigid
Research says controlling inflation requires a greater sacrifice of economic output and employment when there are frictions in the labour market
Book notes: First Principles: Five Keys to Restoring America's Prosperity
The author's premise is that the best way to understand the problems confronting the American economy is to go back to the first principles of economic freedom upon which the country was founded
Fed’s Beige Book finds ‘measured’ improvement despite hurricane damage
Survey of economic sentiment maintains cautious optimism in the US in face of hurricane damage and rising fears over ‘fiscal cliff’
Fed paper presents improved model of inflation and unemployment
Authors develop a bivariate model that they believe improves upon univariate benchmarks
Banque de France plans to reduce regional presence
French central bank outlines development goals for 2020; set to decrease the number of regional sites, will lose up to 2,000 staff
Fed’s Bernanke looks beyond broad market indicators
Fed chairman warns key aggregate metrics can miss economic pain felt by individuals and households; encourages development of economic measures to better assist with policy decisions
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures
Regional Fed presidents express fears over economic recovery
Charles Evans and Eric Rosengren warn about struggling economic recovery; focus on employment figures as key indicator of persistent problems in the US
Zambian governor calls for action on SME finance
Bank of Zambia governor says policy-makers should do more to encourage financial flows to small and medium scale enterprises; examines benefits and risks of extending funding to these firms
Bundesbank raises 2012 growth prediction
German central bank records marginally more positive growth expectation for the economy this year; still harbours significant concerns on key issues such as unemployment
Finland’s Liikanen discusses causes of youth unemployment
Bank of Finland governor examines causes of youth unemployment in Europe; says labour market functioning will be important determinant of recovery speed
Philadelphia Fed reports slowing manufacturing growth
Federal Reserve Bank of Philadelphia releases May 2012 Business Outlook Survey; finds slower manufacturing growth