A strange thing is happening in the U.S. labor market: The unemployment rate has been falling much faster this year than it should given the slow underlying pace of economic growth. In fact, the fall in joblessness has exceeded that projected by policy makers and private-sector economists, the majority of whom had expected much faster economic growth. It's a conundrum that policy makers can't allow themselves to dismiss too easily or too quickly. How much one should worry about the jobs-growth gap depends to some extent on why it's occurring. One possible explanation focuses on measurement issues. Statisticians use ... (full story)