The Employment Picture Remains Murky and Hard to Parse

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Paul Krugman says that although the employment picture is looking up, it still has a ways to go. To illustrate this, he displays a chart showing the employment-population ratio for prime age workers age 25-54:

I agree that this is a telling statistic. It really does indicate that we haven’t made up much of the ground we’ve lost since 2007, so I don’t have any argument with Krugman using it. At the same time, you get a different picture if you pull back and disaggregate the data a bit. Here’s another view:

I don’t want to make too much of this, especially since I’m not sure exactly what we should make of it. But the employment-population ratio among men has been declining steadily for over half a century, and right now we’re only a point or two below the trendline for men. Conversely, participation among women plateaued starting in the mid-90s, which suggests that we’re still a good four points or so below the trendline for women.

Maybe. The question is what the long-term trend really is. I’m not sure what to say about that, but it’s been niggling at me for a very long time. Basically, I just want to caution everyone not to treat 2007 as a magic year. There’s no question that employment is still in the doldrums, but the question of where the employment-population ratio “should” be is not easy to pinpoint.

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In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

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