Pattern Matching Quiz

ScreenHunter_129 Nov. 08 08.02

Bureau of Labor Statistics Data

About stevengoddard

Just having fun
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4 Responses to Pattern Matching Quiz

  1. Bob Greene says:

    It’s Bush’s fault. Besides, between ’03 and ’07 there were some people out of work and we were in a deep recession, just ask the DNC. After that, until unemployment started dropping it was Bush’s fault.
    I think the U6 number or labor participation rate would be better metrics. 7.3% unemployment with another 720,000 dropping out of the labor force. Where are we if we included the drop outs? 11% unemployment?

  2. Mike D says:

    You’re doing Jan to Jan comparisons.

    From the monthly version, the other things that can be pointed out are about a month after the Bush tax cuts were announced, unemployment started dropping. It had gone up due to the dual effects of the dot com bust and 9/11, which cost 2.7 million jobs combined. The tax cuts were announced at the end of May 2003. June 2003 unemployment was 6.3%, up from 5% in Sept. 2001. It dropped to 6.2% for July, then almost straight line steadily until it hit 4.4% for October 2006.

    It treaded water in the range of 4.4% to 4.6% until the first of Pelosi’s three increases in the minimum wage took effect in late July 2007. It held 4.7%, until it popped to 5.0% for Dec. 2007.

    Leading up to the second increase it jumped from 5.0% in April 2008 to 5.4% for May, then 5.6% for June, then 5.8% for July 2008, when the second increase hit. It hit 6.1% for August, and never looked back.

    By the third increase, it had reached 9.5%, maxing out at 10.0% four months later. The only reason it didn’t keep going is that the labor participation rate had fallen and kept going. Can you believe there was an increase in the minimum wage with 9.5% unemployment? That’s the kind of stuff that looks stupid when historians look backwards.

    From January 2007, when Pelosi took charge, there are still 2.3 million fewer people employed. That’s in spite of the increase in numbers of working age people.

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