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And yet that's the same way the US calculates unemployment for U3 (the most commonly reported rate), leading to the same misrepresentation of the actual unemplo
by mdorazio 10y ago
And yet that's the same way the US calculates unemployment for U3 (the most commonly reported rate), leading to the same misrepresentation of the actual unemployment situation.
- hudibras 10y agoU3 is standard precisely so that we can compare differences between countries. If people don't like what it's measuring, then they can certainly use one of the other metrics like U4, U5, or U6.
- mdorazio 10y agoI don't have a problem with U3 at all. I have a problem with it being used as the de facto measure of employment health in the media when it tells only a small part of the story for average workers. You typically have to search for U6 yourself, while U3 is reported by the press every month.
- nradov 10y agoYes if you want to be a well informed citizen you have to mostly ignore the mainstream media and actively seek out alternative sources. That shouldn't be a surprise to anyone here.
- mc32 10y agoThen I guess labor dynamics are different, else why does one see people doing low value add jobs like pachinko, vending machine stuffers, McDonald's, people "directing traffic" when they could get more meaningful jobs (if the job market is so good, esp. Tokyo)