Saturday, October 26, 2013

The Dynamics of Economic Dynamism

Earlier today, Atlanta Fed President Dennis Lockhart gave a speech at the Creative Leadership Summit of the Louise Blouin Foundation. He posed the questions: Is the economic dynamism of the United States declining? Is America losing its economic mojo? He observed:

“... we see a picture in which fewer firms are expanding, and each expanding firm is adding fewer new jobs on average than in the past. Fewer firms are shrinking, and each is downsizing by less on average. Fewer people are being laid off or are quitting their job, and firms are hiring fewer people. In other words, the employment dynamics of the U.S. economy are slower.

The decline in job creation and destruction was also the theme of this recent macroblog post by Mark Curtis, which featured some pretty nifty dynamic charts of trends in job creation and destruction by industry and geography.

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