Daily Archives: 12 December 2012

Of Jobs Reports

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The latest Jobs report came out last week, and the unemployment rate fell to 7.7%.  We haven’t been this well off in years.  Or have we?  James Pethokoukis, writing for AEIDeas, took a closer look.

First, a graph that’s been run in several places before, repeated in Pethokoukis’ article, and here:

You remember this.  It compares President Barack Obama’s…claims…about the unemployment rate under his Recovery Plan vs his projection of unemployment absent his plan with the actual unemployment rate.  The data in the latest Jobs report add to this [emphasis in the original].

The two-tenths drop in the unemployment rate was because people gave up looking for work. The labor force participation rate fell to 63.6% from 63.8% in October.  If it had just held steady since then, the unemployment rate would be back over 8%.  Indeed, if the LFP rate was just where it was in November 2011, the unemployment rate would be 8.3%.  Some 542,000 Americans left the labor force just last month.

If labor force participation was at its January 2009 level, the unemployment rate would be a whopping 10.7%.  Now, some of the drop in the LFP is due to demographic reasons, primarily the aging of the US population.  But even taking that into account would give you a much higher unemployment rate than 7.7%.  If you go by the pre-recession CBO forecast of the 2012 LFP rate, the unemployment rate would be 10.4%.

In November, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $23.63.  Over the past 12 months, average hourly earnings have risen by 1.7%.  Unfortunately, inflation—as measured by the consumer price index—has risen by 2.2% over the past year, meaning average hourly earnings have fallen by 0.5% in real terms.

And

The number of long-term unemployed remains at a sky-high 40.1%, the same as in August.

As the next graph illustrates.

Yet the Progressives in DC think this is proper.

Time for Some Humor

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Or at least what passes for it in my house, with my very patient wife.

A fish walks into a bar. The bartender says, “What do you want?”
The fish croaks, “Water.”

A man walks into a bar and orders six whiskies.  He lines them up in a row and knocks back the first, third, and fifth glasses.  Then he gets up to leave. “Don”t you want the others?” asks the barman.  “You”ve only had three of your whiskies.”
“Best not,” replies the man.  “My doctor said it was only okay to have the odd drink.”

Knock knock.
Who’s there?
Doris.
Doris who?
Doris locked, that’s why I’m knocking!

I was raised as an only child, which really annoyed my sister.

Captain Aubrey: “Do you see those two weevils, Doctor?…Which would you choose?”
Dr. Maturin: “Neither. There’s not a scrap of difference between them. They’re the same species of Curculio.”
Captain Aubrey: “If you had to choose.  If you were forced to make a choice. If there were no other option.”
Dr. Maturin: “Well, then, if you’re going to push me.  I would choose the right-hand weevil.  It has significant advantage in both length and breadth.”
Captain Aubrey: “There, I have you!….  Do you not know that in the Service, one must always choose the lesser of two weevils?”

A vulture boards an airplane, carrying two dead raccoons.  The stewardess looks at him and says, “I’m sorry, sir, only one carrion allowed per passenger.”

Mahatma Gandhi, as you know, walked barefoot most of the time, which produced an impressive set of calluses on his feet.  He also ate very little, which made him rather frail and with his odd diet, he suffered from bad breath.  This made him a super calloused fragile mystic hexed by halitosis.

And finally (mercifully?)

Q: How many elephants will fit into a Mini?
A: Four: Two in the front, two in the back.

Q: How many giraffes will fit into a Mini?
A: None. It’s full of elephants.

Q: How do you get two whales in a Mini?
A: Along the M4 and across the Severn Bridge.

Q: How do you know there are two elephants in your refrigerator?
A: You can hear giggling when the light goes out.

Q: How do you know there are three elephants in your refrigerator?
A: You can’t close the door.

Q: How do you know there are four elephants in your refrigerator?
A: There’s an empty Mini parked outside.