PGL at Angry Bear writes that he is:
Angry Bear: updat[ing] my chart on why I put less stock in the unemployment rate than the population ratio. Notice, however, that the employment-to-population ratio did rise a bit last month as the Household Survey showed a much larger employment increase than the Establishment Survey (which was also picked up by one of the National Review%u2019s pseudoeconomists who only think they know more economics than Paul Krugman). Note also that this ratio is still far below the levels enjoyed five years ago. While I can understand the FED%u2019s reasoning for tight money five years ago (although why George W. Bush and Lawrence Lindsey were proposing fiscal stimulus back then puzzled me), I%u2019m in the camp of those who would argue against tight money now as the labor market still appears weak to me.