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Is decline in American unemployment rate the result of more people leaving the workforce?
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Question by AverageJoe: Is decline in American unemployment rate the result of more people leaving the workforce?
Best answer:
Answer by Lou C. Ferr
No, it’s from the people who have just given up and stopped looking.
We are really closer to 17% if the Govt were truthful about unemployment rates.
If you took into account all the people in the US (excluding illegals but including children and seniors) we are actually at 52.8% unemployed.
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Each month, the Dept. of Labor comes out with unemployment and employment numbers for the previous month. The basic concepts involved in identifying the employed and unemployed are quite simple:
People with jobs are employed.
People who are jobless, looking for jobs, and available for work are unemployed.
People who are neither employed nor unemployed are not in the labor force.
However, the methodology as to how those numbers are calculated a a little complex. Because unemployment insurance records relate only to persons who have applied for such benefits, and since it is impractical to actually count every unemployed person each month, the Government conducts a monthly sample survey called the Current Population Survey (CPS) to measure the extent of unemployment in the country.
Here is the difference between a recession and a depression. If “you” are unemployed, it is a recession. If “I” am unemployed, it is a depression.