The fracking factor.

• Position: OFF THE NEWS

In Washington, the official view is that while not perfect, the U.S. employment picture seems to be improving. The official unemployment rate has come down, even though the labor participation rate remains at its lowest point since the 1970s. Yet the jobless situation since the 2008 financial crisis may actually be worse than it appears, which may be a large reason for the huge GOP wins in the U.S. mid-term elections. Most of America's job growth since the financial crisis seems to be concentrated in the state of Texas.

According to a report in AEldeas, if you eliminate...