Happy Holidays, Wheels Readers

December 23, 2010, 6:03 pm

By THE NEW YORK TIMES

Whatever the mode of transport that conveys you to your destination, the editors and contributors at Wheels wish you safe and happy travels this holiday weekend. We’ll be taking a short break, returning to our regular coverage on Monday, Dec. 27.

Meantime, Mr. Hamilton has a special message for you:

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Jobs: Ugly Details Under the Happy Headlines

A friend sends some supplemental information on those seemingly positive October employment numbers:

The October employment situation was dramatically weaker than the headline 159k increase in the payroll employment measure. The broader household employment fell 330k. The only reason that the unemployment rate held steady is that 254k dropped out of the labor force. The civilian labor force participation rate fell to a new low of 64.5%, indicating that people do not believe that jobs are available, but this serves to hold the unemployment rate down. In addition, the employment-to-population ratio fell to 58.3%, the lowest level in nearly 30 years.

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