Non-Farm Payrolls and Unemployment: Another Correlation

I came across an interesting Zerohedge article about the odds of QE3. In that article they point out that QE3 odds are based on unemployment rate and non-farm payroll numbers, which will be released in about two weeks.

Table 1: Zerohedge's odds table for QE3

Actually, I think this table is redundant because a rise in payrolls (Chart 1) always accompanies a decline in unemployment rate. We will need the chart of the working-age population (Chart 2) to perform the analysis.

I will tell you the details, in this article.

Chart 1: Non-farm payrolls

Chart 2: Working-age Population in the U.S.