Friday, October 5, 2012

Employment improves, but not much

The BLS Employment Situation Summary shows that 114,000 jobs were created, not a particularly big number, and unemployment fell to 7.8%. It is sort of good news that the employment-population ratio increased by 0.4 percentage point to 58.7 percent, since it had decreased in the previous two months. Yet, the overall trend in the employment-population ratio for this year has been flat.

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Some unpleasant Keynesian arithmetic

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