graphics are designed to clarify our view of difficult data. On this
day before Labor Day, here’s a fever chart from Calculated Risk that clarifies to a fault. (Thanks to Phil Patton.)
This graph shows the job losses from the start of the
employment recession, in percentage terms – this time aligned at the
bottom of the recession (Both the 1991 and 2001 recessions were flat at
the bottom, so the choice was a little arbitrary).
The dotted line shows the impact of Census hiring. In August, there
were only 82,000 temporary 2010 Census workers still on the payroll.
The number of Census workers will continue to decline – and the
remaining gap between the solid and dashed red lines will be gone soon.
However, if you’re looking for light somewhere inside the tunnel. Calculated Risk surmises:
The underlying details of the employment report were
mixed. The positives: the upward revisions to the June and July
reports, a slight increase in hours worked for manufacturing employees
(flat for all employees), an increase in hourly wages, and the decrease
in the long term unemployed. Other positives include the slight
increase in the employment-population ratio and the participation rate.