Unemployment fell at a slow and steady rate in the 10 cyclical recoveries from 1949 through 2019. These historical patterns also apply to the recovery from the pandemic recession after accounting for the unprecedented burst of temporary layoffs early in the pandemic followed by their rapid reversal from April to November 2020. Unemployment for other reasons—which has been most important in other recent recoveries—did not start declining until November 2020.

Bill McGurn makes a lot of good references to Milton Friedman in a video just posted on the Wall Street Journal web site. We hear Milton talking about the power of the market.

In this interview, Professor Glenn Loury discusses his time as a professor at Harvard and Brown University. He also explains his radical (for an academic institution, at least) reading list and syllabus for the courses he teaches at Brown and how an undergraduate student/teaching assistant inspired Professor Loury to create a course intended to liberate his students from the “groupthink” that is far too prevalent at most universities.

Why Americans should be giving thanks this holiday season.