Jobs Report, January 2015 January 9, 2015Posted by geoff in News.
It is with very mixed feelings that I put up my monthly series of employment and exports posts. I don’t want to take any attention away from the loss of this blog’s founder and spiritual leader, Michael. On the other hand, one of his proudest moments was seeing The Chart (the chart comparing the Obama administration’s job predictions versus reality) go viral and put some wind underneath the GOP’s wings.
This isn’t The Chart, because I think the basic measures of unemployment became meaningless 4 years ago. Instead, I plot the ratio of full-time employment to the civilian population (based on the Household Survey). That gives you a measure of how many “real” jobs there are versus how many mouths there are to feed. Kind of an “Atlas Shrugged” index of misery.
This month, the BLS tells us that the U-3 unemployment rate has dropped to 5.6%, which is starting to look pretty normal. If you’re feeling like things still aren’t that rosy, it’s probably because you’re a racist, and because of this chart:
It was a good jobs report, but we still have a long, long way to go.