Ellen Zentner: Labor Slack Remains in U.S. Economy

The video discusses the complexities of the labor market, highlighting underemployment and the challenges of monetary policy in addressing these issues. It examines the decline in productivity since the 1970s, the shift from manufacturing to service sectors, and the implications for job quality and real wages. The discussion also covers the persistent economic headwinds affecting the Federal Reserve's interest rate decisions. Global productivity puzzles and the impact of technological advances on GDP are explored, along with the effects of corporate debt on productivity. Finally, the video critiques the Fed's slow response to market conditions.

What are the implications of the broad unemployment rate not reflecting the segments of the labor market that are underemployed?

How has the shift from a manufacturing-led economy to a service sector economy affected productivity trends since the 1970s?

In what ways do policymakers view productivity as an indicator of the standard of living in an economy?

What are the challenges associated with measuring productivity in the context of technological advances and new business models?

How do you interpret the statement that productivity is going to stay lower due to improved quality of life?

Discuss the relationship between central banks' monetary policies and their impact on productivity.

What does the term 'secular stagnation' refer to, and how has it been perceived by the markets?