Department of "Huh?!": Federal Reserve Dissenters Edition
When Federal Reserve Bank of Philadelphia President Charles Plosser parrots his talking point about how the labor market has improved and the unemployment rate has fallen…
Does he not know or not care that the employment-to-population ratio has fallen? Does he not know or not care that more than 100% of the decline in the unemployment rate is due to a smaller fraction of adults seeking work than six months or a year or a year and a half ago, and that less than zero is due to a greater fraction of adults actually having jobs?