Employment growth foreseen by midyear Employment is one of the most closely watched economic reports because it covers all sectors of the economy. During this time of economic transition out of recession, it is even more closely watched to provide evidence for when the consumer sector, which makes up about two-thirds of gross domestic product, will begin to increase again, resulting in more spending influence to the economy.

They say it’s hard to find two economists who agree with each other, and that seems especially true regarding the recession. For example, in summer 2008, I had dinner with some friends and James F. Tucker, my former boss and mentor at the Federal Reserve Bank of Richmond. I asked him if we were in a recession. His answer was the opposite of mine.

What does economics tell us about the proposed universal health-care plan? Volumes of books and perspectives literally are published on health-care economics. Honestly, it’s too complex to thoroughly analyze in this column. So, let’s just discuss one small aspect that students learn in Econ 101: economics is the study of the scarcity of resources and price is the mechanism that brings those resources to the market.

Losing a job is, to say the least, difficult. Receiving severance or unemployment insurance helps pay the bills, but the mental anguish and uncertainty about finding a new job can be hard to overcome. Typically, the unemployment rate increases during a recession, though unemployment remains an issue even during times of economic expansion. Younger workers along with the least-educated almost always hold the highest rankings in the U.S. unemployment rate.

Some people think the “green revolution” is going to be the next wave of innovation similar to what has happened with the Web. Prior waves of innovation before the popularity of the Web - from integrated computer circuits to the Internet - created opportunities and drove economic prosperity. One could argue that we are moving along a similar path with waves of innovation in green industries.

The Richmond region has lost more jobs than any other metro area in the state, an economist said yesterday. From when employment—the number of jobs—peaked in the Richmond area in August 2007 through March 2009, the region lost 26,000 jobs. The job losses included thousands resulting from the bankruptcies of Circuit City Stores Inc., LandAmerica Financial Group Inc., and Qimonda AG.

The end of the recession is not yet in sight, but some observers are now wondering what the recovery and expansion will look like. Some argue that a structural change is occurring that will cause the economy to grow at a slower rate in the future because of a permanent change in behavior. Others debate whether the recovery will resemble a U, V or W trend line.

Nearly 200 more temporary—but relatively long-duration—jobs for mortgage professionals will be opening up in the Richmond area soon. Staffing firm Aerotek is looking for experienced mortgage processors and closers to help deal with a wave of refinancing, the Hanover, Md.-based company said. Aerotek is seeking to meet demand for mortgage processors and closers by early March. The jobs will last nine to 18 months and could become permanent, officials said.

With the economic rescue/bailout plan exceeding $700 billion, some people are beginning to worry about how we are paying for all the expenses.

Despite an increase in unemployment claims, the jobless rate in Virginia remained steady in October because of seasonal hiring. Experts, however, don’t expect that to last. The jobless rate stayed at 4.2 percent, according to data released yesterday by the Virginia Employment Commission. Virginia has the eighth-lowest jobless rate in the U.S.