In light of the Associated Press' (and others') strangely rosy depiction of the latest employment figures from the BLS, let's take a look at the updated employment numbers for working-age men:
As of 2006Q3, the four-quarter moving average is 83.3%, i.e. 83.3% of men age 25-64 have jobs. Not only is the four-quarter moving average apparently reaching a plateau, but the post-2001 peak is just a smidge above the 1992 nadir of 83.1% -- and far, far away from the employment levels reached in the late 80s and again in late 90s.
Apparently, however, the Fed now believes that men in their 50s and early 60s don't really need jobs anymore as so many of them are enjoying their investment largesse and spending all day golfing. Of course, they've got to sell that kind of snake oil to make these sorts of numbers look good.