3 ms·
The economy doesn't suck. Most of the 2022 numbers that look bad are really artifacts of year-over-year reporting, being compared to numbers from 2021 that wer
by vikingerik 4y ago
The economy doesn't suck. Most of the 2022 numbers that look bad are really artifacts of year-over-year reporting, being compared to numbers from 2021 that were artificially high because of time-shifted demand from the pandemic in 2020. Compare 2022 to 2019 and most things look fairly normal for a three-year period.
Remember the "great resignation"? That was never a thing - people aren't leaving the workforce - it was just time-shifted demand for job switching that didn't happen during the pandemic, so that some transient numbers looked high.
- gruez 4y ago>Remember the "great resignation"? That was never a thing - people aren't leaving the workforce - it was just time-shifted demand for job switching that didn't happen during the pandemic, so that some transient numbers looked high. What is this based on? Labor force participation rate[1] is still visibly lower than pre-pandemic levels. [1] https://fred.stlouisfed.org/series/CIVPART https://fred.stlouisfed.org/series/CIVPART
- vikingerik 4y agoThe y-axis is quite zoomed in on that chart. The difference from early 2020 to late 2022 is only one percentage point, and that's probably entirely explained by normal aging patterns.
- gruez 4y agoIt might be only 1%, but if you eyeball the trend there's definitely a reversal between 2019 and today.