An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Friday, March 8, 2013
Bill McBride — Employment Report Comments and more Graphs
The 236 thousand payroll jobs added in February is from the establishment survey (a survey of businesses for payroll jobs), but the unemployment rate is from the household survey. To help understand the decline in the unemployment rate, here is some data from the household survey....Overall this was a fairly solid report, but with the high unemployment rate, many workers unemployed for a long time, and the large number of part time workers, there is a long way to go.
If the participation rate increases, then it would take more jobs to reduce the unemployment rate. If the participation rate continues to decline (or just flat lines for a couple of years), then it takes fewer jobs to reduce the unemployment rate.
My comment: But Government employment has been reducing.
Chronic unemployment and more people losing hope while some jobs are being created. It seems to me. likely jobs created are low wage/minimum wage - and not at all attractive to people as long as they still have resources to live on?
See also this graph
ReplyDeleteParticipation rate in the labor force, comparing to the Employment to population ratio
My comment:
But Government employment has been reducing.
Chronic unemployment and more people losing hope while some jobs are being created. It seems to me. likely jobs created are low wage/minimum wage - and not at all attractive to people as long as they still have resources to live on?
Onwards to the slave owners' dream world?