39.3 Million Missing Jobs

Illusion Of Prosperity: Mark Zandi was on CNBC today. He used the word "fantastic" to describe the employment report. I have a somewhat different take on it.

If the exponential employment trend that was established between 1939 and 2000 was still in effect, then there would be 39.3 million more nonfarm payroll jobs right now. This exponential trend has failed and there is no going back to it. It is physically impossible. You can see that in the following chart.


Click to enlarge.

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