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


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…



  • 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