The truth about unemployment figures

[ricksfolly]

The average unemployment rate from 2000 to 2008 was 5.7 percent and now it's 9.9 percent. That means the rise was only 4.2 percent over all, not the 9.9 percent the media and pundits claim it is. We're all supposed to be in this recession together, including the media and pundits, so why do they always make conditions seem worse than better?

ricksfolly

 

[repeter]

The average unemployment rate from 2000 to 2008 was 5.7 percent and now it's 9.9 percent. That means the rise was only 4.2 percent over all, not the 9.9 percent the media and pundits claim it is. We're all supposed to be in this recession together, including the media and pundits, so why do they always make conditions seem worse than better?

ricksfolly

Fear-mongering gets better ratings. Simple as that. And I think the media might have been saying the percent of unemployed is 9.9%, rather then it increased 9.9%.

 

[Common Sense Capitalism]

Those who have given up seeking work (discouraged workers) and those working part-time and looking for full time labor are not included in this statistic.

They were during the Depression.

If you include that (called U-6), the unemployment rate is around 17%.

But I guess those people aren't hurting and don't need jobs.

Did you not find it interesting that the last employment report had the total number of people dropping and the unemployment rate falling? It's not as accurate as it looks.

 

[phattonez]

The average unemployment rate from 2000 to 2008 was 5.7 percent and now it's 9.9 percent. That means the rise was only 4.2 percent over all, not the 9.9 percent the media and pundits claim it is. We're all supposed to be in this recession together, including the media and pundits, so why do they always make conditions seem worse than better?

ricksfolly

You're right about them being wrong. However, you're also wrong. It's an increase of about 74%.

 

[ricksfolly]

You're right about them being wrong. However, you're also wrong. It's an increase of about 74%.

>>

My 2010 World Amanac, 2008 Bureau of Labor statistics, shows 79.5 million over sixteen, not listed in the labor force and 74.5 over sixteen, not even looking for work. Since they aren't on the list are the considered as part of the 9.9 unemployed. Very confusing.

ricksfolly

 

[phattonez]

>>

My 2010 World Amanac, 2008 Bureau of Labor statistics, shows 79.5 million over sixteen, not listed in the labor force and 74.5 over sixteen, not even looking for work. Since they aren't on the list are the considered as part of the 9.9 unemployed. Very confusing.

ricksfolly

Unemployment is never going to be an exact science. You'll always have people who don't want to work because they don't need to, the retired, etc. Don't try to look for an exact number. Just know that the rate is higher than what is being reported right now.

 

[ricksfolly]

Unemployment is never going to be an exact science. You'll always have people who don't want to work because they don't need to, the retired, etc. Don't try to look for an exact number. Just know that the rate is higher than what is being reported right now.

I see what you mean. Yard workers and other services that work for cash may or may not report it to the IRS. We're susposed to have 9.9 unemployment here in Grand Junction, CO, but the number of cars in the parking lots of the Mall, Target, Walmart are about the same as last year. Traffic is worse, and IHOP and other resturants aren't suffering.

ricksfolly

 

[Common Sense Capitalism]

Rick,

Just because someone is unemployed doesn't mean they don't go out.

My future sister in law is a social worker who goes into homes of people who have everything paid for by the government; housing, food, child care, etc.

She goes into houses daily with flat screen TVs, X-boxes, laptops, etc.

The issue by what you can see is financial illiteracy and irresponsibility.

Check out a Wal-mart sometime. You will either see people with some sort of welfare documentation either wearing designer clothing or buying electronic equipment, or both.

Just stating the facts.

 

[washunut]

The average unemployment rate from 2000 to 2008 was 5.7 percent and now it's 9.9 percent. That means the rise was only 4.2 percent over all, not the 9.9 percent the media and pundits claim it is. We're all supposed to be in this recession together, including the media and pundits, so why do they always make conditions seem worse than better?

ricksfolly

I have never heard anyone confuse the rate of unemployment with the rise in unemployment. That is until I saw your note.

Also remember that the calculation does not include part time people who would like to work full time and " discouraged" workers. Looking at the broader measure of unemployment, U6 the % is something like 17%.