Brad Plumer’s demand-side takeaway from the November BLS report. File this under “It’s the demand, stupid.” I think certain people confuse proposed solutions (reduce regulations, lower taxes on the wealthy, shut down the EPA) for the main problem…which is a lack of demand. Of course, they may be doing so willfully because otherwise their proposed solutions don’t make sense.
We’ve already seen a number of reasons to believe that weak consumer demand — rather than taxes or regulatory uncertainty — is the main thing holding back the U.S. economy right now. Here’s another. According to the Bureau of Labor Statistics, the length of the average workweek has been holding steady at 34.3 hours per week for several months now, up just slightly from 34.2 weeks last November.