{"id":193535,"date":"2008-12-08T21:50:00","date_gmt":"2008-12-09T02:50:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/12\/08\/a-better-employment-metric\/"},"modified":"2008-12-08T21:50:00","modified_gmt":"2008-12-09T02:50:00","slug":"a-better-employment-metric","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/12\/08\/a-better-employment-metric\/","title":{"rendered":"A Better Employment Metric"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/img132.imageshack.us\/img132\/3839\/lostdecade4973343gr6.png\" style=\"margin: 0px 10px 10px 0px; float: left; cursor: pointer;\" \/>Of course, it is also a <span style=\"font-weight: bold;\">very scary<\/span> metric.<\/p>\n<p>But I agree with <a href=\"http:\/\/krugman.blogs.nytimes.com\/2008\/12\/06\/terrible-employment-numbers\/\">Paul Krugman<\/a>, workforce participation is one of the better metrics that we have to describe the unemployment situation.<\/p>\n<p>However, I do have a problem with the graph, which is that the delta is magnified, by focusing on a range, in this case 61%-65%, as opposed to showing the full range from 1-100%.<\/p>\n<p>I think that these sort of &#8220;broken range&#8221; graphs serve to overemphasize deltas&#8230;.though that is a <span style=\"font-weight: bold;\">really<\/span> scary picture, even if it&#8217;s done on a full 1-100 scale.<\/p>\n<p>It shows that employment never recovered from the 2001 downturn, and that it&#8217;s headed down fast now.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Of course, it is also a very scary metric. But I agree with Paul Krugman, workforce participation is one of the better metrics that we have to describe the unemployment situation. However, I do have a problem with the graph, which is that the delta is magnified, by focusing on a range, in this case &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,975,992],"tags":[],"class_list":["post-193535","post","type-post","status-publish","format-standard","hentry","category-economy","category-employment","category-statistics"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193535"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=193535"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/193535\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=193535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=193535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=193535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}