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True, but productivity in the US had the biggest decline since 1947, and IIRC the percentage of people of working age who are currently in work is relatively lo
by vosper 4y ago
True, but productivity in the US had the biggest decline since 1947, and IIRC the percentage of people of working age who are currently in work is relatively low (not the same as the US unemployment stat)
Foreign Policy's "Ones and Tooze" podcast had a recent episode "Why Low Unemployment Isn't Better News" recently, which was interesting on the topic and has much more detail than I can recall.
https://foreignpolicy.com/podcasts/ones-and-tooze/us-low-unemployment-rate/ https://foreignpolicy.com/podcasts/ones-and-tooze/us-low-une...
- tuatoru 4y agoLabour economists traditionally used a "three stock" model of working age adults: there are the employed, the unemployed, and those not in the labour force (NILF). Lately (in the last 30 years or so) NILF has been split up into "discouraged workers", people not officially unemployed but who would like work if they could find suitable work, and those doing something else: raising kids, studying, etc. There are a lot more "discouraged workers" these days. As well as places with people but no jobs (with the people unable to move elsewhere) and people on disability, there are now many people reluctant to expose themselves to disease or to insufferable behaviour by customers or bosses, and some who have been deprogrammed from the daily grind. (Also, immigration has been declining from 3.7 per 1000 residents in 2004 to 2.8 today, but that is negligible.)