Confirmation from an official source:
- "Because the labor force is constantly expanding, employment must be growing moderately just to keep the unemployment rate steady. For example, if the labor force is growing at the same rate as the population (about 1 percent per year), employment would have to rise 110,000 a month just to keep the unemployment rate stable, and larger job gains would be necessary (and are expected) to induce a downward trend in the unemployment rate."
2004 Economic Report of the President, page 94
linky
Kind of embarrassing that the President is bragging about having created 366,000 jobs since last fall. Maybe my bank will call me and brag about the interest rate on their passbook savings accounts.
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“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
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