I’m sure you can explain this one….
When the employment : population rate rises, unemployment falls, and vice-versa.
Except this time.
Yes, the employment : population ratio is noisy month-to-month. But the trend is clear — except this time.
Now perhaps you believe the so-called “unemployment rate” that the Bureau of Lies and Scams publishes, but if you do then you have to ignore the other data they also publish.
What would you expect the unemployment rate to be given the employment : population ratio? About 8.5%.
Bureau of Lies and Scams indeed.