4 ms·
U1 to U6 are very carefully defined. "Unemployment" is U3. You can argue that U3 is not that informative of course. Especially since the labour structure is ch
by Mvandenbergh 7y ago
U1 to U6 are very carefully defined. "Unemployment" is U3.
You can argue that U3 is not that informative of course. Especially since the labour structure is changing (much more casual work, "gig economy" effects) and that therefore a particular U3 over time doesn't mean the same in terms of people's lives. To argue, though, that it gets "re-defined and manipulated" simply isn't true.