{"id":954,"date":"2012-10-06T09:12:21","date_gmt":"2012-10-06T09:12:21","guid":{"rendered":""},"modified":"2012-10-06T09:12:21","modified_gmt":"2012-10-06T09:12:21","slug":"employment-has-improved-over-last-year-and-a-half","status":"publish","type":"post","link":"https:\/\/franklycurious.com\/wp\/2012\/10\/06\/employment-has-improved-over-last-year-and-a-half\/","title":{"rendered":"Employment Has Improved Over Last Year and a Half"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/franklycurious.com\/media\/1\/20121005-krugmangood.jpg\" width=\"100\" height=\"126\" alt=\"Paul Krugman\" title=\"Paul Krugman\" align=\"left\" style=\"padding-right: 10px; padding-bottom: 10px; border: 0px;\" \/>Paul Krugman has a really interesting article this morning where he presents a <a href=\"http:\/\/krugman.blogs.nytimes.com\/2012\/10\/06\/constant-demography-employment-wonkish-but-relevant\">new formulation for reporting unemployment<\/a>. As everyone should know, the unemployment rate is deceptive because it only counts people who are actively looking for work. As a result, a lot of people prefer the employment to population ratio. This number has gotten a lot of attention by Republicans ever since a Democrat has been in the White House.<\/p>\n<p>Krugman points out that this is a useful statistic but it skews the numbers toward the older population because our country is getting older. His idea is to divide the population into three parts: 16-24, 25-54, and 55 and older. Then he weights these groups and comes up with the the graph below. In effect, he&#8217;s removed the bias of an aging population that <i>should<\/i> be working less.<\/p>\n<div style=\"text-align: center\"><%image(20121006-emppopratio.jpg|450|284|Employment to Population - Krugman Weighted - Plus Normal added by FC)%><\/div>\n<p>I added the red dots. These are the values taken from the standard employment-to-population ratio graph. You&#8217;ve probably seen this graph before, and if you click over to Krugman&#8217;s article, you can see the graph itself. The thing that is disturbing about it is that there seems to be no (or very little) change after the 2008 recession.<\/p>\n<p>But by weighting these three age groups, it is clear that over the last year and a half, we&#8217;ve seen steady, if frustratingly slow, job grown. This is what my intuition tells me. It is also what <a href=\"http:\/\/www.washingtonpost.com\/blogs\/ezra-klein\/wp\/2012\/10\/05\/september-jobs-report-why-the-drop-to-7-8-unemployment-is-genuinely-good-news\/\">this month&#8217;s BLS<\/a> data tell me. And what it should tell all of us. <a href=\"http:\/\/the-reaction.blogspot.com\/2012\/10\/obama-panic-and-new-republican-jobs.html#links\">Jack Welch<\/a> included.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paul Krugman has a really interesting article this morning where he presents a new formulation for reporting unemployment. As everyone should know, the unemployment rate is deceptive because it only counts people who are actively looking for work. As a &hellip; <a href=\"https:\/\/franklycurious.com\/wp\/2012\/10\/06\/employment-has-improved-over-last-year-and-a-half\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-954","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Employment Has Improved Over Last Year and a Half at Frankly Curious<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/franklycurious.com\/wp\/2012\/10\/06\/employment-has-improved-over-last-year-and-a-half\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Employment Has Improved Over Last Year and a Half at Frankly Curious\" \/>\n<meta property=\"og:description\" content=\"Paul Krugman has a really interesting article this morning where he presents a new formulation for reporting unemployment. 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