Liveblogging World War II: December 7, 1942
The Question Is Whether Our Minds Are too Powerful to Be the Result of Purely Darwinian Processes: Complete Self-Pwnage Weblogging

The State of the Labor Market

BLS:

Total nonfarm payroll employment rose by 146,000 in November, and the unemployment rate edged down to 7.7 percent, the U.S. Bureau of Labor Statistics reported today…


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  • 25-54 employment still 3.5 percentage points below mid-2000s estimates of potential
  • 25-54 employment still 6 percentage points short of maximum attained in 1999-2000
  • The upward movement in the Beveridge Curve over the past two years, by contrast, says that we have only 2.5 percentage points of slack in the employment-to-population ratio.
  • Which is correct is not very important right now: 2.5, 3.5, 6—there remains a large and substantial gap

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