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Thread: US unemployment lowest in 4 years

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    Re: US unemployment lowest in 4 years

    Clearly the quick-calc unemployment rate (7.4%) is absolutely meaningless.

    The count base for all the BLS figures is greatly understated across the board.

    The small number of jobs added simply cannot begin to account for the percentage drop in the quick-calc rate.

    None of the other Ux BLS figures are meaningful either, due to the inaccurate count base for all the BLS calculations.

    What's meaningful is how many people hold TWO or more jobs and are over-worked!

    What's meaningful is that the great majority of jobs added were not full-time jobs that might pay a middleclass wage, but that they were PART-TIME jobs!

    Clearly, Obama has done NOTHING to try to improve things for the great majority of Americans .. and if the Repubs in the House want to claim credit for the quick-calc rate drop to their philosophy of just waiting for the economy to take care of itself, well, I wouldn't want to jump on that perspective if I were them.

    We need a better statistical gathering and presenting system to accurately show what's really going on in America, how bad things truly are for the great majority of Americans.

    If MLB "Money Ball" Sabermetrics were as sloppy as the U.S. Government's Bureau of Labor Statistics and Census Departments are, The Oakland As would still be cellar dwellers.

    Really, we would all do well to consult the sports prognosticators and analysts to devise a better method of keeping stats and analyzing them.

    Then maybe it would be so much easier to see just how bad off the great majority of Americans still are in the wake of The Greate Recession, the causes of which are still in operation today.
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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Higgins86 View Post
    BBC News - US employment up by 162,000 in July



    The US economy added 162,000 new jobs in July.

    This was below economists' expectations of more than 180,000 and the government also cut its previous estimates for hiring in May and June.

    Nonetheless, the new jobs helped the unemployment rate to fall to 7.4%.





    overall positive for the US economy hopefully this is a sign of recovery worldwide.
    Unemployment is still too damn high - not to mention 50% of those currently unemployed aren't even factored into the unemployment formula.

    Anyone who disagrees with this can go look up the dumbass flawed formula.

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Ontologuy View Post
    Clearly the quick-calc unemployment rate (7.4%) is absolutely meaningless.

    The count base for all the BLS figures is greatly understated across the board.

    The small number of jobs added simply cannot begin to account for the percentage drop in the quick-calc rate.

    None of the other Ux BLS figures are meaningful either, due to the inaccurate count base for all the BLS calculations.

    What's meaningful is how many people hold TWO or more jobs and are over-worked!

    What's meaningful is that the great majority of jobs added were not full-time jobs that might pay a middleclass wage, but that they were PART-TIME jobs!

    Clearly, Obama has done NOTHING to try to improve things for the great majority of Americans .. and if the Repubs in the House want to claim credit for the quick-calc rate drop to their philosophy of just waiting for the economy to take care of itself, well, I wouldn't want to jump on that perspective if I were them.

    We need a better statistical gathering and presenting system to accurately show what's really going on in America, how bad things truly are for the great majority of Americans.

    If MLB "Money Ball" Sabermetrics were as sloppy as the U.S. Government's Bureau of Labor Statistics and Census Departments are, The Oakland As would still be cellar dwellers.

    Really, we would all do well to consult the sports prognosticators and analysts to devise a better method of keeping stats and analyzing them.

    Then maybe it would be so much easier to see just how bad off the great majority of Americans still are in the wake of The Greate Recession, the causes of which are still in operation today.
    Yes, because the formula used to calculate unemployment is extremely flawed.

    Workforce divided by those currently receiving unemployment benefits.... That doesn't factor those whom don't meet either criteria...

    In short - if someone (that's not of retirement age) doesn't have a job and isn't receiving unemployment benefits then they're not factored into unemployment statistics...

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Mr.Nick View Post
    Yes, because the formula used to calculate unemployment is extremely flawed.

    Workforce divided by those currently receiving unemployment benefits....

    Have you been called out on this falsehood before?
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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by pinqy View Post
    Well, if you count all the people who don't have jobs, that's 41% (and that's still not counting children and people in institutions).
    But if you only count those who want a job, it's 11.3%. But of those not classified as unemployed who say they want a job, about half haven't looked in over a year...meaning they're very unlikely to start looking for one. And quite a few couldn't take a job if offered.

    So which do you mean, and what's your rationale for classifying them as unemployed?
    An unemployed person is one who is physically and mentally able to work, but currently does not have a job. "looking" or "not looking" has no bearing.

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Woodman909 View Post
    An unemployed person is one who is physically and mentally able to work, but currently does not have a job. "looking" or "not looking" has no bearing.
    Of course it does.

    A child is likely to be physically and mentally able to work at the age of 11.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by pinqy View Post
    18 year olds aren't considered new workers.
    The Labor Force is age 16 and older.

    Less than a million is unbelievable?
    Black teenagers jobles rate under Obama ?

    Over 40%.

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Kushinator View Post
    Of course it does.

    A child is likely to be physically and mentally able to work at the age of 11.
    Ok, lets qualify it by saying anyone 19yrs or older, physically and mentally able to work and does not currently have a job.

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Fenton View Post
    Black teenagers jobles rate under Obama ?

    Over 40%.
    Also under Bush 43 to an extent. Funny thing happens in a racially-divided societies: marginalized majorities are the first to be fired and the last to be re-hired. You'll note, if you look at the facts, that the job hemorrhaging in the final year of the debacle we called the "Bush 43 Administration" saw tremendous, and highly disproportionate, job losses among Blacks.

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Kushinator View Post
    Have you been called out on this falsehood before?
    It's absolute fact...

    Unemployment Rate Definition, Example & Formula | InvestingAnswers

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