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> where the unemployment rate is below 5.8%, a level generally considered to indicate a healthy labor market 5.8% is a the cut-off for a healthy labour market,
by barrkel 9y ago
> where the unemployment rate is below 5.8%, a level generally considered to indicate a healthy labor market
5.8% is a the cut-off for a healthy labour market, apparently.
Meanwhile https://www.standard.co.uk/news/london/london-s-unemployment-rate-drops-to-a-record-low-of-58-a3250981.html https://www.standard.co.uk/news/london/london-s-unemployment... describes London's unemployment rate reaching 5.8% as a record low!
- matthewmacleod 9y agoThe two things aren’t mutually exclusive, and in any case you’re probably not comparing figures that are calculated in the same way.
- barrkel 9y agoI know; but the chart's source data almost certainly doesn't use figures that are calculated in the same way either. At best, they'll have been manually corrected for estimated biases. (Will they have correctly accounted for how many people get shifted off into disability payments and other health-related benefits that are used to massage unemployment figures? I have my doubts.) My point was more that a suspiciously precise number of 5.8% was chosen as a magical barometer of goodness, justifying a switch in hue, not just brightness or saturation. The magic number of 5.8% doesn't seem to have support elsewhere.