4 ms·

What unemployment metric was used in the linked article? It wasn't immediately apparent to me.

by bumby 4y ago

lotsofpulp 4y ago
That is a good question, and it is not apparent to me either. The linked article is: https://www.bls.gov/news.release/jolts.nr0.htm https://www.bls.gov/news.release/jolts.nr0.htm and the technical note link is: https://www.bls.gov/news.release/jolts.tn.htm https://www.bls.gov/news.release/jolts.tn.htm which says >Employment estimates are benchmarked, or ratio adjusted, monthly to the strike-adjusted employment estimates of the Current Employment Statistics (CES) survey. A ratio of CES to JOLTS employment is used to adjust the levels for all other JOLTS data elements.
boole1854 4y ago
If otherwise unspecified, the "unemployment rate" refers to U-3, which is also called "the official unemployment rate" by the BLS. https://www.bls.gov/news.release/empsit.t15.htm https://www.bls.gov/news.release/empsit.t15.htm
dragontamer 4y ago
Always assume U-3 if otherwise not reported. U5 and U6 exist if you really need it. But historically speaking, everyone always has used U3 as the base discussion point. We all know U3 has its flaws, but I've never really found a situation where U5 or U6 would make a sizable difference in an argument. The only people who seem to play U3 vs U5 vs U6 games are those who are jumping statistics between arguments, to mislead and misdirect. IMO anyway. A good arguer always uses U3. When someone else runs out of things to say, they start criticizing U3 itself (ignoring the easily accessible U5 or U6 statistics). So its a good indicator for when a discussion has run its course.
- pessimizer 4y ago
  > A good arguer always uses U3. No, a good arguer ignores U3. It's a favored statistic by administrations because it's designed to improve even if circumstances haven't changed. People challenging administrations prefer U5 or U6 because they don't improve even when circumstances haven't changed. Good arguers ignore all three and use prime-age employment: https://fred.stlouisfed.org/series/LNS12300060 https://fred.stlouisfed.org/series/LNS12300060
  - bnmathm 4y ago
    prime-age employment available by state anywhere?

What unemployment metric was used in the linked article? It wasn't immediately apparent to me.

by bumby 4y ago

What unemployment metric was used in the linked article? It wasn't immediately apparent to me.

That is a good question, and it is not apparent to me either. The linked article is: https://www.bls.gov/news.release/jolts.nr0.htm https://www.bls.gov/news.release/jolts.nr0.htm and the technical note link is: https://www.bls.gov/news.release/jolts.tn.htm https://www.bls.gov/news.release/jolts.tn.htm which says >Employment estimates are benchmarked, or ratio adjusted, monthly to the strike-adjusted employment estimates of the Current Employment Statistics (CES) survey. A ratio of CES to JOLTS employment is used to adjust the levels for all other JOLTS data elements.

boole1854 4y ago

If otherwise unspecified, the "unemployment rate" refers to U-3, which is also called "the official unemployment rate" by the BLS. https://www.bls.gov/news.release/empsit.t15.htm https://www.bls.gov/news.release/empsit.t15.htm

dragontamer 4y ago

Always assume U-3 if otherwise not reported. U5 and U6 exist if you really need it. But historically speaking, everyone always has used U3 as the base discussion point. We all know U3 has its flaws, but I've never really found a situation where U5 or U6 would make a sizable difference in an argument. The only people who seem to play U3 vs U5 vs U6 games are those who are jumping statistics between arguments, to mislead and misdirect. IMO anyway. A good arguer always uses U3. When someone else runs out of things to say, they start criticizing U3 itself (ignoring the easily accessible U5 or U6 statistics). So its a good indicator for when a discussion has run its course.

pessimizer 4y ago
> A good arguer always uses U3. No, a good arguer ignores U3. It's a favored statistic by administrations because it's designed to improve even if circumstances haven't changed. People challenging administrations prefer U5 or U6 because they don't improve even when circumstances haven't changed. Good arguers ignore all three and use prime-age employment: https://fred.stlouisfed.org/series/LNS12300060 https://fred.stlouisfed.org/series/LNS12300060
- bnmathm 4y ago
  prime-age employment available by state anywhere?