美國痛苦指數創新高
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????面對現實吧，不太可能感覺良好。宏觀經濟咨詢機構Capital Economics的保羅?戴爾斯指出，美國痛苦指數——即失業率和消費者價格指數通脹率之和——上個月創下了28年以來的高點。 ????美國痛苦指數上個月達到了12.7，為1983年以來新高——當時美國時任總統是羅納德?里根，而股市和債市的大牛市剛剛萌芽。和以往一樣，情況可能會進一步惡化(也許已經惡化)。 ????1983年痛苦指數的高點是14.1，現在看來高得有些嚇人，但當時是5年內的最低值。 ????那些喋喋不休地談論“失業滯漲”的人們應謹記這一點。是的，如今9.1%的失業率和3.6%的通脹率都不是什么好消息。但當里根在1980年11月的大選中擊敗吉米?卡特的時候，失業率是7.5%，而通脹率是12.7%，加起來痛苦指數超過了20。 ????幸運的是，這是我們最后一次到達如此高位。要說現今的決策者們已經鎖定勝局，當然有些牽強。但如果有人對70年代的數據視而不見，宣稱我們目前陷入滯漲之中，也同樣不足為信。 |
????Let's face it, probably not. The misery index – the sum of the unemployment and consumer price inflation rates – hit a 28-year high last month, notes Paul Dales of Capital Economics.
????At a recent 12.7, the misery index is at its highest level since 1983, when Ronald Reagan was president and the great bull markets in stocks and bonds were in their infancy. Yet as always, it's worth recalling that things can be (and have been) worse. ????The 1983 peak was 14.1, which looks terrifyingly high now but at the time was the lowest reading in five years. ????This is worth bearing in mind for those who drone on endlessly about "jobless stagflation." Yes, 9.1% joblessness and 3.6% inflation are both bad news. But hey, when Reagan beat Jimmy Carter in the November 1980 election, unemployment was 7.5% and inflation was, um, 12.7%, for a nifty misery score above 20. ????That, fortunately, was the last time we reached that exalted level. It is certainly a stretch to say today's policymakers are nailing it, but it's equally hard to believe anyone can look at the data from the 1970s and claim what we have now is stagflation. |
