Now You Can Be an Economist and Forecast the Unemployment Rate

Now you can pretend to be Ben Bernanke . . . check out this cool interactive app which lets you choose the parameters of the economy and then it plots the future unemployment rate.

What I really like about this app is that you can clearly see how changes in the labor pool affect the unemployment rate. The fact is that the unemployment rate has only been falling because more people have been dropping out of the labor pool.  Actual job growth has been minimal.

Hat tip to Mish (see this link for more information on the state of unemployment in America)