Random Note On Unemployment Numbers -- March 5, 2016

Every week I post the Thursday jobs data, first-time unemployment benefits. I am always very, very negative with regard to the numbers, but even more so, I am very, very negative to the consistent spin on these numbers by Reuters, Bloomberg, and even the AP whenever I happened to find an AP report on jobs.

I think the whole story of jobs in this country is still being pushed by bureaucratic Washington still mired in the 1950's and 1960's. I don't think the bureaucrats have caught up to the 1990's much less, the 21st century.

The percent of Americans working, apparently, is about 60%.

The unemployment rate is about 5%.

Jo Craven McGinty's article in today's WSJ is not particularly helpful explaining why workforce participation rate is so low (mostly the same old, old) but there's a nice graph of the various ways the US measures unemployment.

I keep coming back to this explanation why a low workforce participation rate is not as "bad" as some may paint it: the social safety net is incredible in this country, at least compared to what it was before 1930.

But there's something else which has been talked about for years: increased productivity per worker. It simply takes fewer people to do many of the things we do. Tracking the unemployment rate is very much like tracking the number of active rigs in the Bakken: it gives me an idea of the amount of energy expended but it doesn't tell me much about production.

I will continue to post the weekly jobs numbers, and I assume I will continue to report the same spin others have on the subject, but for me, it looks like the weekly jobs data and the unemployment rate are data points that are becoming less and less important.

For people who want to work, there are jobs. For able-bodied who do not want to work and are happy with the safety net provided by the federal and state governments, by their families, and by "getting by" that's fine with me. If taxpayers feel they are paying too much for the safety net, they need to get active in politics.

My greatest sympathy is with the hard-working folks, both blue-collar and white-collar, who are unemployed or under-employed because of the government's anti-growth regulations, an uncontrolled EPA, and bad science (AGW). I am conflicted on the immigration issue.

Speaking of U1 through U6, the "U" that I really dislike is "U2." But I can't let this pass, so the best I can do is associate U2 with one of my favorites: Leonard Cohen.

Tower of Song, Leonard Cohen backed up by US