Dynamic/Static Forecasts with ARMA

[mandix]

Hello,
I have a question that I cannot figure out.
I run a very, very simple ARMA(1,1) with the log of Louisiana employment data.
[Cannot attach the workfile because I already have 3 attachments.]
I get this:

Stats-ARMA11.JPG (66.22 KiB) Viewed 1771 times

Say I run a *static* forecast. I get this:

Static-Forecast.JPG (41.76 KiB) Viewed 1771 times

Now, I do the dynamic version. I get this:

Dynamic-Forecast.JPG (40.77 KiB) Viewed 1771 times

My question is, why does the dynamic not trace the actual data, like the static one?

Thanks very much, Manfred