Must-Read: The unemployment rate is the right cyclical indicator. Well, maybe...
Robert E. Hall: Why Has the Unemployment Rate Fared Better than GDP Growth?: "Answer...
...Between 2007 and 2014, GDP growth was held back by shortfalls of:
- 4.4 percent in [total factor] productivity
- 4.0 percent in capital input
- 3.6 percent in labor-force participation
- 2.2 percent in growth of the working-age population