Paul Krugman in the New York Times explains:
" . . . the unemployment rate is a problematic measure, because it can fall not because more people are working but simply because fewer people are looking for work. . . An alternative is therefore to count employment rather than unemployment; one simple measure is the employment-population ratio, which suggests no improvement for years:
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| Info source: St. Louis Fed and Paul Krugman/NYTimes.com |
In other words, there has been no improvement in actual "employment" since we hit bottom in 2009!
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