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Assessing the Labor Market

Summary:
Check out the chart below. I am forming my own views but I’m curious to get reactions from you folks. I think it is extremely misleading to simply use the unemployment rate as an indicator for the health of the labor market. Note that the civilian-employment ratio is (obviously) not the same thing as the civilian labor force participation rate. What do you make of the US labor market since 2000, compared to the earlier pattern?

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Check out the chart below. I am forming my own views but I’m curious to get reactions from you folks. I think it is extremely misleading to simply use the unemployment rate as an indicator for the health of the labor market. Note that the civilian-employment ratio is (obviously) not the same thing as the civilian labor force participation rate. What do you make of the US labor market since 2000, compared to the earlier pattern?

Robert Murphy
Christian, Austrian economist, and libertarian theorist. Research Prof at Texas Tech and author of *Choice*. Paul Krugman's worst nightmare.

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