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The Trees and the Forest of Unemployment

The BLS February employment report is out today, and the headline unemployment rate (U-3) is steady at 8.3%. By September, it could be 7.9% or less, which might be low enough to get Obama reelected.

However, we are a long, long, LONG way from full employment. The employment population ratio remains below where it was two years ago—and below where it was 34 years ago when women were just starting to enter the work force in large numbers:

Where are the 13 million jobs we need to get back to 64%, and how long will it take? US employment back to normal in 2016, 2027, or never?

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