TEOTWAWKI wrote:http://www.zerohedge.com/news/2014-12-05/full-time-jobs-down-150k-participation-rate-remains-35-year-lows
Full-Time Jobs Down 150K, Participation Rate Remains At 35 Year Lows, "No Job Market For Young Men"
This article is telling you to ignore the establishment survey and instead focus on the household survey. To put that into context, the household survey is comprised of a sample of 50,000 households. The establishment survey is comprised of 390,000 businesses that capture roughly 47 million workers.
Now, I don't know how much knowledge either of you have in the world of math or statistics, but trust me when I say that a sample of 47 million workers is considerably more robust than a sample of 50,000 households.
Beyond that, the labor force participation rate held steady. He frames this as "the same adverse trends indicated over the last 4 years have continued." Look at chart TEO. For how long has the LPR been in decline? (Hint: The correct answer is since 2001) That is a 14 year trend - not 4.
He also points out that those "not in the labor force" increased by 69k. That is correct, though he doesn't go on to tell you that 119,000 people entered the labor force that same month.
Finally, the real number that matters is that 321,000 more people have jobs today than what was the case in October. And given the fact that average weekly hours increased, well...see if you can finish that one on your own.