6 ms·

Unemployment is at a record low. Workers are smart to organize and strike now, as it's a (labor) seller's market.

munk-a 8y ago
Unemployment isn't as low as you may think, the number reported only includes those still actively looking for work. Anyone who has given up on the prospect of finding a job won't be counted. That said, unemployment _seems_ low, so it may add pressure to their strike.
- nkassis 8y ago
  You can find numbers for those here: https://www.bls.gov/news.release/empsit.t15.htm https://www.bls.gov/news.release/empsit.t15.htm They are all going down and have been almost constantly since 2008. It's at historic levels.
  - user5994461 8y ago
    After 10 years of adjusting the measurement method, the number is finally going down.
    - nkassis 8y ago
      Looking at this chart: https://www.bls.gov/opub/ted/2018/u-3-unemployment-rate-was-4-1-percent-in-december-2017-u-6-was-8-1-percent.htm?view_full https://www.bls.gov/opub/ted/2018/u-3-unemployment-rate-was-... Seems like a constant decline so it's not sudden and very explainable.
- rory096 8y ago
  U6 unemployment is at its lowest level since 2001. [0] https://fred.stlouisfed.org/series/U6RATE https://fred.stlouisfed.org/series/U6RATE
- matt_s 8y ago
  If you aren't actively looking for work and you don't have a job why should this count as unemployment? This means they aren't collecting unemployment from their state, correct? If they are disabled (mentally/physically) enough to not be able to work, that is another category. Whenever I hear/read this type of reply my answer is: so what? Why should they be counted as unemployed when they clearly are able but just aren't actively looking.
  - pjmorris 8y ago
    If they aren't actively looking because they're taken care of by some other means and are content with their lives, that's one thing. If they aren't actively looking because they have given up hope of finding a job, and are seething with discontent, that's another thing. Depending on which thing, and how many people are feeling it, there may be nothing to worry about, or an incipient revolution. That's my answer for 'so what?'
    - wbc 8y ago
      Do you know about discouraged workers and how they're already taken into account by BLS? https://www.investopedia.com/terms/d/discouraged_worker.asp https://www.investopedia.com/terms/d/discouraged_worker.asp
      - pjmorris 8y ago
        Yes. The BLS only looks at an estimate of their number, it doesn't examine their motives, circumstances, or level of discouragement. I seek to emphasize that all of those things matter.
    - matt_s 8y ago
      I guess, also stay at home parents as well as baby boomers who got laid off and can maybe eek by til they collect retirement would be in this category too. Just seems like an 'other' type of metric.
  - TeMPOraL 8y ago
    Because it depends on what you're really looking for. There are plenty of ways to opt out of the job market, most of which won't put you on the unemployment list. Unemployment rate matters if you're interested in how many people are in a particular, very specific, transition period between (legal) jobs. For this discussion, I suppose a better metric would be labour force participation rate.
- supercanuck 8y ago
  >Anyone who has given up on the prospect of finding a job won't be counted. That's fine, it isn't like Companies are pounding on the door asking them to get back to work, so for the purposes of negotiating, the unemployment is low.
- s73v3r_ 8y ago
  Because not everyone who isn't looking for work wouldn't want it. Among those who aren't looking for work would be the retired, students, stay at home parents, the disabled, etc.
- kiliantics 8y ago
  Not to mention a lot of new "employment" is in the gig economy.
lotyrin 8y ago
Without basic income guarantee it is never labor's market -- labor undersold = labor starves, labor underbought = capital experiences temporary inconvenience.

Unemployment isn't as low as you may think, the number reported only includes those still actively looking for work. Anyone who has given up on the prospect of finding a job won't be counted. That said, unemployment _seems_ low, so it may add pressure to their strike.

nkassis 8y ago
You can find numbers for those here: https://www.bls.gov/news.release/empsit.t15.htm https://www.bls.gov/news.release/empsit.t15.htm They are all going down and have been almost constantly since 2008. It's at historic levels.
- user5994461 8y ago
  After 10 years of adjusting the measurement method, the number is finally going down.
  - nkassis 8y ago
    Looking at this chart: https://www.bls.gov/opub/ted/2018/u-3-unemployment-rate-was-4-1-percent-in-december-2017-u-6-was-8-1-percent.htm?view_full https://www.bls.gov/opub/ted/2018/u-3-unemployment-rate-was-... Seems like a constant decline so it's not sudden and very explainable.
rory096 8y ago
U6 unemployment is at its lowest level since 2001. [0] https://fred.stlouisfed.org/series/U6RATE https://fred.stlouisfed.org/series/U6RATE
matt_s 8y ago
If you aren't actively looking for work and you don't have a job why should this count as unemployment? This means they aren't collecting unemployment from their state, correct? If they are disabled (mentally/physically) enough to not be able to work, that is another category. Whenever I hear/read this type of reply my answer is: so what? Why should they be counted as unemployed when they clearly are able but just aren't actively looking.
- pjmorris 8y ago
  If they aren't actively looking because they're taken care of by some other means and are content with their lives, that's one thing. If they aren't actively looking because they have given up hope of finding a job, and are seething with discontent, that's another thing. Depending on which thing, and how many people are feeling it, there may be nothing to worry about, or an incipient revolution. That's my answer for 'so what?'
  - wbc 8y ago
    Do you know about discouraged workers and how they're already taken into account by BLS? https://www.investopedia.com/terms/d/discouraged_worker.asp https://www.investopedia.com/terms/d/discouraged_worker.asp
    - pjmorris 8y ago
      Yes. The BLS only looks at an estimate of their number, it doesn't examine their motives, circumstances, or level of discouragement. I seek to emphasize that all of those things matter.
  - matt_s 8y ago
    I guess, also stay at home parents as well as baby boomers who got laid off and can maybe eek by til they collect retirement would be in this category too. Just seems like an 'other' type of metric.
- TeMPOraL 8y ago
  Because it depends on what you're really looking for. There are plenty of ways to opt out of the job market, most of which won't put you on the unemployment list. Unemployment rate matters if you're interested in how many people are in a particular, very specific, transition period between (legal) jobs. For this discussion, I suppose a better metric would be labour force participation rate.
supercanuck 8y ago
>Anyone who has given up on the prospect of finding a job won't be counted. That's fine, it isn't like Companies are pounding on the door asking them to get back to work, so for the purposes of negotiating, the unemployment is low.
s73v3r_ 8y ago
Because not everyone who isn't looking for work wouldn't want it. Among those who aren't looking for work would be the retired, students, stay at home parents, the disabled, etc.
kiliantics 8y ago
Not to mention a lot of new "employment" is in the gig economy.

lotyrin 8y ago

Without basic income guarantee it is never labor's market -- labor undersold = labor starves, labor underbought = capital experiences temporary inconvenience.