US and Global Economic News Sept 4

Structural vs. Cyclical Debate Continues

Economist Edward Lazear claims that high unemployment rates are not due to structural factors

http://online.wsj.com/article/SB10000872396390444914904577623110908143058.html

Bernanke and the structural vs. cyclical argument

http://www.bloomberg.com/news/2012-09-04/bernanke-channeling-hatzius-dismissing-gross-new-normal.html

US Fiscal Cliff - Potential Impact

Chicago Economist Cochrane on the Fiscal Cliff Impact Projections

http://www.bloomberg.com/news/2012-09-03/cbo-demands-a-leap-of-faith-on-the-fiscal-cliff.html

Meanwhile, on the international front,

Worrisome global manufacturing slowdown

http://online.wsj.com/article/SB10000872396390444301704577629210663625458.html
http://www.bloomberg.com/news/2012-09-04/u-s-stock-futures-little-changed-before-ism-factory-data.html

As the economy slows, some Spaniards head for the exit

http://www.nytimes.com/2012/09/04/business/global/money-and-people-leave-spain-as-economic-gloom-deepens.html