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Exposing The Lie Behind The “Strong Jobs Recovery” In One Chart

With all eyes glued to Friday’s payrolls report, we thought it worth reiterating some ‘facts’ about US employment data. As ECRI notes, the sustained decline in the official jobless rate – now approaching the Fed’s estimate of “full employment” – is a misleading indicator of labor market slack. The data shows thatthe so-called jobs recovery has been spearheaded by cheap …