Look: I am eager to learn stuff I don't know--which requires actively courting and posting smart disagreement.

But as you will understand, I don't like to post things that mischaracterize and are aimed to mislead.

-- Brad Delong

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Friday, February 4, 2011

What the Hell?!? Friday -- Where's My Prosperity? Edition

Over at AB, spencer presents the employment data.  Read it and weep.

Notable quote:

This is the third consecutive jobless recovery and the payroll gains have been very weak in all three.

To Jerry's point in comments to my previous post, this is a partial explanation of stagnating real disposable income per capita.  The growth rate of the pie is anemic, while the slices for you and me grow even more slowly.

Update:  More from CR.  The graphs tell a very dismal story


1 comment:

BadTux said...

What's especially hilarious is how they managed to make the unemployment rate magically drop from 9.4% to 9.0% in the course of a month. 600,0000 people were removed from the unemployment rolls. Did they find jobs? Well, 36,000 of them did, the BLS said. So the other 564,000 simply dropped out of the labor force, right? Err, no, the BLS says the size of the labor force was unchanged. So where did those other 564,000 go? They got disappeared. Stalin did it with his gulags, but the BLS apparently does it with its "seasonal adjustments" -- which haven't been correct for a single year since the Great Recession started, and the BLS has had to silently retract them months later every single year, but here they go again. Siiiiigh!

-- Badtux the Numbers Penguin