The “it” being the fact that the unemployment rate is higher than the government says it is:
The left-leaning Center for Economic and Policy Research noted the other day that the share of the prime working-age population with jobs is still below where it was in December 2007.
Focusing just on Americans aged 25 to 54 shows what’s happening to the core of the workforce, and CEPR finds that 77.1 percent of that group was employed last month.
I’m no math major, but that would mean that 22.9 percent of that group wasn’t employed last month. And that would mean that the actual unemployment rate is a lot higher than the 5.3% reported by the Bureau of Labor Statistics.
And let’s not forget about the Mancession:
The CEPR researchers add that prime-age employment for men is now 3 percentage points lower than it was in December 2007, while the rate for women is 2.2 percentage points below where it was. “The drop for men was about twice as great as the drop for women; and while men have experienced a stronger recovery than women, the net effect of the initial drop and subsequent recovery has been worse for men than for women,” Butcher and Buffie write.
The moral of the story: official government statistics cannot be trusted.