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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?
by 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 agoIt 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 agoIt'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 agoHere 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