Whenever I hear an unemployment number, and particularly the statistic of how many people are in the labor force or looking for jobs, I wonder where they get the data. Well, here it is, explained.
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And here’s something else that’s interesting about the current unemployment statistics. While currently unemployment is said to be down to about 8.8% it turns out that the “labor participation” rate has also gone down about 2%. So that means the unemployment rate is really up a little bit since it peaked around 10%, it’s just that 20% of the unemployed people have “elected” to stop participating in the labor market. Depending on how you measure it some would say the true unemployment rate is approaching 20%
…and that’s not counting the “under-employed”, either.