• More on the traded wars. http://bit.ly/bB5IBw #

• "no fiscal problem that's too big for Sacramento to make even worse" http://bit.ly/bNNDVs #

• Reducing financial markets' liquidity is the wrong move right now. http://bit.ly/abILlL #
• Excellent piece by Robert Christiano: http://bit.ly/dthyQ9 "The Failed State of California" #
• Jenni sometimes sounds like her mom, Maria, but I think she's listened to Lydia Pense too. http://bit.ly/ayP9Bt #

• Back from Montreal. Next week in Colorado. Be glad when things settle down. #
• Took the SS United States to England in the 50s, now scrap. Surprise it lasted til now. John Wayne bought Dad a beer. http://bit.ly/c6SkMp #
• Dan blogged on today's U.S. jobs data. http://bit.ly/czugJB #

The February United States jobs report sent the equity markets up this morning while respected commentators like Edmund Phelps, (Columbia, Economics Nobel in 2006), remark that they worry that the “recovery” might not have legs.

It always a bit odd to discuss growth that is less negative but that is the situation we are in as jobs have been falling since early 2008.  The year-over-year job decline measure improved by 50 basis points, from a decline of three to percent in January to a decline of two and a half percent in February.  This is indeed encouraging and continues a trend that started in September of 2009, where the year-over-year job declines have been moderating by at least 30 basis points per month.  At the rate of February’s improvement, year-over-year jobs would begin to grow by August 2010.  That is still quite a way off, and highlights that while the economy appears to be improving, it was a deep enough recession that robust job growth will not occur anytime soon. 

The other indicators from today’s Employment Situation report include long-term unemployed at 6.3 million persons.  February’s unemployment rate of 9.7 was unchanged from January.  The seasonally-adjusted non-farm job change was a decline of 0.3 percent, or a loss of 36,000 jobs.  Charts are included below.

• In Montreal. Gave a talk on California for a conference on the economic crisis. Friendly people here, but they speak French, and fast. #

• Keynes vs Hayek, the best laypersons explanation you're likely to find: http://bit.ly/9aHQZ4 Economics behind the rap, highly recommended. #
• 20.7 underemployed in Oregon, 3rd in Nation behind Michigan & California. http://nyti.ms/8ZIaNO More than 1 out of 5. #
• Busy week. Tomorrow Questa College talk, Wed private talk for a bank & go to Montreal, Thursday talk at Montreal conference. Friday home. #

• Expected revenues down & costs up, is California's bullet train a dud? http://bit.ly/acBa3U #
• California's winemakers feel the recession. http://bit.ly/cIj6Z4 But hey, you can buy wine cheap, & a winery too. #
• Al Gore has a long piece in the NY Times today. http://nyti.ms/a0ucIY #
• Althouse takes a stiletto to Gore's op-ed. http://bit.ly/cL5aKA Interesting woman, voted for Obama, criticized by left and right. I like her #
• NY more dysfunctional than CA? http://bit.ly/dASrwi "carnival of spendthrifts, sexual miscreants and the all-purpose ethically challenged." #
• Kotkin on the Dem's disconnect and the GOP's inability to profit from it. http://bit.ly/cEwppe #
• Off topic, but not everything your mother told you was true. http://bit.ly/bHtYUt Boogers as vaccine Don't tell Jimi or Merri. #
• Princess Merri, 5, says she doesn't get what she wants fast enough. Think we've spoiled her? #

• Hilarious video of Maxine Waters interviewing Bernanke. http://bit.ly/cQnyqw She doesn't have a clue. CBS asks an interesting question. #
• Former Maryland Dean in deep doo dod. http://bit.ly/9VVR6a Writing a $60,000 check is tough for most academics. #
• Dresslar & Lockyer are going to have to come to grips with the fact that California has a serious problem. http://bit.ly/aOzj1U #
• Mankiw, thoughtful as always, on "Spreading the Wealth Around" http://bit.ly/agX42J It's readable too! #
• "California has the most destructive and costly global warming law in the nation" http://bit.ly/bxX55D Arnold's "crowning achievement"? #

• My turn to be surprised. BEA revises 4th quarter GDP growth estimate up! http://bit.ly/1reZhC Good. #
• Ten reasons business is leaving California http://bit.ly/aZIMGi Hat tip to Joel Kotkin. #
• Forsyth on real estate: http://bit.ly/cpGXJ1 Tough market #
• "The Green Jobs Myth" http://bit.ly/9Axc1k #
• Great news for Central Oregon http://bit.ly/9fgGjC 200 new jobs is big deal in Bend. #
• Off topic, but it's not every day you see a beer drinking, cigarette smoking, chimpanzee http://bit.ly/agciyf chimpanzee #
• Let's see. You want more tourists. So, you tax tourists and the industry. http://bit.ly/9slpIM Right. #