Mind you, 4.1% reflects only people who are unemployed that have looked for a job within the last 4 weeks.
Let’s add in people who want a job, have looked for work in the last year, but haven’t looked in the last 4 weeks. And let us also add in people who want a job, but have a job market-related reason for not looking for one. The rate is now 5%. Still not bad.
Alrighty. What about adding in people who are working part time, but would rather work full time? The under-employed, if you will. Oh. Now it’s 7.7%
And besides none of the above discusses that the unemployment rate is non-comprehensive and does not measure the quality of the jobs - rather, how well those jobs pay people compared to CPI.
Mind you, 4.1% reflects only people who are unemployed that have looked for a job within the last 4 weeks.
Let’s add in people who want a job, have looked for work in the last year, but haven’t looked in the last 4 weeks. And let us also add in people who want a job, but have a job market-related reason for not looking for one. The rate is now 5%. Still not bad.
Alrighty. What about adding in people who are working part time, but would rather work full time? The under-employed, if you will. Oh. Now it’s 7.7%
Source: U.S. Bureau of Labor Statistics.
Cryin’ all the way to the bread line.
And besides none of the above discusses that the unemployment rate is non-comprehensive and does not measure the quality of the jobs - rather, how well those jobs pay people compared to CPI.