Not sure what you are referring to. Repressed and jobless times? Unemployment rate is at 4.3% in May so there is no reason to be jobless at this time. Next downturn is 2019 but it will probably be a small dip and not severe.
You live in Detroit and aren't sure what I'm referring to?
"Detroit's unemployment rate hits 16-year low" posted on michiganlive.com on 6/1/17. Detroit's stated unemployment is 9.8%, so I could see the real number being close to twice that.
"People are only classified as unemployed if 1) they do not have a job, 2) have actively looked for work in the prior 4 weeks, and are 3) currently available for work" (this per bls.gov). Wonder how this might skew the data?
People who have used up their unemployment benefits or are on welfare are not amongst the unemployed. It's doubtful the gov't counts underemployed workers as unemployed either, or couples living with their parents because their unemployment has been cut off. "Some 16 million people are underemployed or unemployed as measured by the U6....As many as 4 million in the U.S. who want a full-time work are being shut out. " (Per marketwatch.com).
"People who are neither employed nor unemployed are not considered to be in the labor force" (bls.gov). Hmmmm. I wonder how
this could skew the data?
"In today’s labor market, the unemployment rate drastically understates the weakness of job opportunities. This is due to the existence of a large pool of “missing workers”–potential workers who, because of weak job opportunities, are neither employed nor actively seeking a job. In other words, these are people who would be either working or looking for work if job opportunities were significantly stronger. Because jobless workers are only counted as unemployed if they are actively seeking work,
these “missing workers” are not reflected in the unemployment rate..." (this found on epi.org).
"The national unemployment rate fell to 4.4 percent in April, the Labor Department said Friday.
But relying on that one headline number as an indicator for the economy as a whole ignores important information ...Economists look past the official unemployment rate — known as the "U-3" number — to other metrics that provide more nuanced views of the employment situation.
The U-3 rate is defined as the "total unemployed, as a percent of the civilian labor force," but doesn't include a number of employment situations. A broader figure is the U-6 rate, which many economists rely on as a more accurate portrayal of employment in the country.
The U-6 rate remained
unchanged at 9.7 percent in May." (this per many news agencies including the liberally-beloved CNBC, who I wouldn't trust with just about anything they said).
"Although much of the major media are reporting the national unemployment rate for October as 4.9%, the "real unemployment rate," as determined by the Bureau of Labor Statistics (BLS) and which includes part-time workers and those marginally attached to the work force, is 9.5%." (per cnsnews.com)
Saying there is no reason to be jobless in these times would be a real kick in the teeth to a lot of people out there who are working their butts off but who can't adequately feed their kids or make a house or a car payment on time, even though they may either hold a full time job or hold several jobs...or are desperately looking for work.
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Topic: Matt Levatich interview (Read 5684 times)