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"lowest unemployment in history"

mywittyname 3y ago
It literally is in the USA [0]. The economy also added 253,000 jobs last quarter. [0] https://www.bls.gov/charts/employment-situation/civilian-unemployment-rate.htm https://www.bls.gov/charts/employment-situation/civilian-une...
- giraffe_lady 3y ago
  congrats to the economy I guess
- Ancalagon 3y ago
  hardly. It's obvious from the tech layoffs and the number of fast-food restaurants near me with "Help Wanted" signs that the jobs being lost =/= the jobs added.
  - crooked-v 3y ago
    Fast-food restaurants have 'help wanted' signs everywhere specifically because people keep getting better jobs elsewhere. It's the same reason chains like McDonald's have been aggressively raising wages compared to what they were even five years ago.
- shagymoe 3y ago
  Does this account for all the people who were unemployed more than 6 months ago or does the government continue to disregard these people in their numbers?
  - mywittyname 3y ago
    It doesn't matter. All that matters is that you compare the same level of unemployment historically. Including more groups in the umemployment number doesn't do anything other than scale & stretch the value. The trends largely stay the same, but the values are shifted up or down, and the "waves" move at slightly different rates The reason for using the U3 number is because it is a good snapshot into what is happening now and it's where the bulk of the movement is. It doesn't really matter if someone reports unemployment going from 9.2% to 6% vs 6% to 3%. That extra 0.2% comes from "long tail" of the unemployed. You can plot the different unemployment levels on the BLS website to build an intuition for why it doesn't really matter which figure is reported on, just that figures are compared against their same level.
  - garbagecoder 3y ago
    It's very easy to find out exactly what these statistics mean. There's a saying, it's a recession when my neighbor gets fired and the depression when I do. Tech is struggling mostly do to terrible management and short-term stock price juicing, not structural things.
  - quickthrowman 3y ago
    Here are the 6 different ways that the BLS counts unemployment: https://www.bls.gov/news.release/empsit.t15.htm https://www.bls.gov/news.release/empsit.t15.htm More about how U1 to U6 are defined: https://www.bls.gov/lau/stalt.htm https://www.bls.gov/lau/stalt.htm
timcavel 3y ago
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It literally is in the USA [0]. The economy also added 253,000 jobs last quarter. [0] https://www.bls.gov/charts/employment-situation/civilian-unemployment-rate.htm https://www.bls.gov/charts/employment-situation/civilian-une...

giraffe_lady 3y ago
congrats to the economy I guess
Ancalagon 3y ago
hardly. It's obvious from the tech layoffs and the number of fast-food restaurants near me with "Help Wanted" signs that the jobs being lost =/= the jobs added.
- crooked-v 3y ago
  Fast-food restaurants have 'help wanted' signs everywhere specifically because people keep getting better jobs elsewhere. It's the same reason chains like McDonald's have been aggressively raising wages compared to what they were even five years ago.
shagymoe 3y ago
Does this account for all the people who were unemployed more than 6 months ago or does the government continue to disregard these people in their numbers?
- mywittyname 3y ago
  It doesn't matter. All that matters is that you compare the same level of unemployment historically. Including more groups in the umemployment number doesn't do anything other than scale & stretch the value. The trends largely stay the same, but the values are shifted up or down, and the "waves" move at slightly different rates The reason for using the U3 number is because it is a good snapshot into what is happening now and it's where the bulk of the movement is. It doesn't really matter if someone reports unemployment going from 9.2% to 6% vs 6% to 3%. That extra 0.2% comes from "long tail" of the unemployed. You can plot the different unemployment levels on the BLS website to build an intuition for why it doesn't really matter which figure is reported on, just that figures are compared against their same level.
- garbagecoder 3y ago
  It's very easy to find out exactly what these statistics mean. There's a saying, it's a recession when my neighbor gets fired and the depression when I do. Tech is struggling mostly do to terrible management and short-term stock price juicing, not structural things.
- quickthrowman 3y ago
  Here are the 6 different ways that the BLS counts unemployment: https://www.bls.gov/news.release/empsit.t15.htm https://www.bls.gov/news.release/empsit.t15.htm More about how U1 to U6 are defined: https://www.bls.gov/lau/stalt.htm https://www.bls.gov/lau/stalt.htm

timcavel 3y ago

[dead]