The December 2013 Employment Situation Report January 10, 2014Posted by geoff in News.
I haven’t checked, but I’m sure the MSM is abuzz over the drop in unemployment rate below 7%. 6.7%!! It would be very heartening if that statistic had any meaning these days.
Let’s take a look at the statistic that I do find meaningful: full-time employment (from the Household Survey) divided by the civilian non-institutional population. This stat captures the real health of the job market as well as the effect of people dropping out of the employment pool. What does my favorite stat look like?
Virtually no change from last month and we actually haven’t quite made it back to May’s value, so the job situation really hasn’t improved over the past 7 months. Which is about how it feels, at least to me.