3 ms·

Meanwhile the labor participation rate still hasn't recovered from before the pandemic. This is a propaganda piece.

tick_tock_tick 3y ago
Nor is it ever expected too a bunch of people retired that are unlikely to come back to the workforce... I don't understand what your point is.
- seeknotfind 3y ago
  Yeah, it goes both ways. People stay unemployed for all different types of reasons. Still not everyone that stopped working was due to age. The point is unemployment rate is not a strong or consistent indicator of economic health. Taken by itself, it doesn't tell you much about the economy. This article would have you believe it's a very good thing, but it tells you more what the publishing group wants you to think than about the economy.
- dessimus 3y ago
  As the unemployment rate measures the percent of workers in the labor force who do not currently have a job but are actively looking for work, people that give up 'actively' looking are not considered part of the unemployment rate. On its own, the unemployment rate is a fairly useless number on its own. The rate can halve and still be bad for the economy as a whole.
  - TheCoelacanth 3y ago
    It's not the whole picture, but it's far from useless. There are a myriad of different unemployment metrics. Some of them include people who have given up looking. However, all of these metrics are highly correlated. It's very rare for one to move without the others moving proportionally. The labor force participation rate being down is just an indication that the population is aging and people are retiring. If you look at the prime age labor force participation rate, it's at the highest point in more than 20 years and very close to an all time high[1]. [1] https://fred.stlouisfed.org/series/LNS11300060 https://fred.stlouisfed.org/series/LNS11300060
- jmopp 3y ago
  Don't forget about people who got long-term illnesses due to the pandemic, and those family members who now have to care for them.
deleted 3y ago
[deleted]

Nor is it ever expected too a bunch of people retired that are unlikely to come back to the workforce... I don't understand what your point is.

seeknotfind 3y ago
Yeah, it goes both ways. People stay unemployed for all different types of reasons. Still not everyone that stopped working was due to age. The point is unemployment rate is not a strong or consistent indicator of economic health. Taken by itself, it doesn't tell you much about the economy. This article would have you believe it's a very good thing, but it tells you more what the publishing group wants you to think than about the economy.
dessimus 3y ago
As the unemployment rate measures the percent of workers in the labor force who do not currently have a job but are actively looking for work, people that give up 'actively' looking are not considered part of the unemployment rate. On its own, the unemployment rate is a fairly useless number on its own. The rate can halve and still be bad for the economy as a whole.
- TheCoelacanth 3y ago
  It's not the whole picture, but it's far from useless. There are a myriad of different unemployment metrics. Some of them include people who have given up looking. However, all of these metrics are highly correlated. It's very rare for one to move without the others moving proportionally. The labor force participation rate being down is just an indication that the population is aging and people are retiring. If you look at the prime age labor force participation rate, it's at the highest point in more than 20 years and very close to an all time high[1]. [1] https://fred.stlouisfed.org/series/LNS11300060 https://fred.stlouisfed.org/series/LNS11300060
jmopp 3y ago
Don't forget about people who got long-term illnesses due to the pandemic, and those family members who now have to care for them.

deleted 3y ago

[deleted]