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Thread: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'[W:88]

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    Re: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'

    Quote Originally Posted by iliveonramen View Post
    I'm not sure why that is an issue. Should the unemployment rate include individuals not looking for a job? Should it include people that are at retirement or people too young for a job or individuals going to school full time?
    The number of people leaving the workforce is at best, a subjective number. It's an estimate, based on assumptions that may or maynot be true. If one has an interest in showing a dropping unemployment rate, all one has to do is remove more people from the workforce, and the results can be obtained. Hence, I ask the question, how is the calculation made?

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    Re: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'

    Quote Originally Posted by iliveonramen View Post
    I'm not sure why that is an issue. Should the unemployment rate include individuals not looking for a job? Should it include people that are at retirement or people too young for a job or individuals going to school full time?
    The people being removed from the workforce size, for the large part, are people who want to work but can't find work. If someone wants a job, but can't find one for a long period of time, they should still be counted as unemployed.

    If you want to count all the people who want a job, or have a part time job but want full time work, and exclude retired, attending school and under 16, then U6 is your rate.

    If you want to exclude those folks, then U3 works just fine. However, at this point, a rising U3 rate signifies an improving job market, not a falling rate.

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    Re: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'

    Quote Originally Posted by ocean515 View Post
    The number of people leaving the workforce is at best, a subjective number. It's an estimate, based on assumptions that may or maynot be true. If one has an interest in showing a dropping unemployment rate, all one has to do is remove more people from the workforce, and the results can be obtained. Hence, I ask the question, how is the calculation made?
    Well if you don't trust the numbers there's not much to discuss! What source do you get numbers from if you can't trust the census bureau and BLS? Other sources that display payroll information or new unemployment/continuing unemployment claims support the decrease in unemployed Americans
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'

    Quote Originally Posted by iliveonramen View Post
    Well if you don't trust the numbers there's not much to discuss! What source do you get numbers from if you can't trust the census bureau and BLS? Other sources that display payroll information or new unemployment/continuing unemployment claims support the decrease in unemployed Americans
    I asked the question because subjective numbers, and political appointees, are usually a poor mix when so much is made of the end result.

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    Re: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'

    Quote Originally Posted by iliveonramen View Post
    Well if you don't trust the numbers there's not much to discuss! What source do you get numbers from if you can't trust the census bureau and BLS? Other sources that display payroll information or new unemployment/continuing unemployment claims support the decrease in unemployed Americans

    Is it, or is it not true that the calculation used by BLS to measure "full time" went from 40 hrs. to 30 hrs. per week under this administration?
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'

    Quote Originally Posted by j-mac View Post
    Is it, or is it not true that the calculation used by BLS to measure "full time" went from 40 hrs. to 30 hrs. per week under this administration?
    I don't believe that to be true. BLS.gov's page of definitions has "full time" defined as 35 hours per week, and I'm pretty sure its been that way for quite some time.

    http://www.bls.gov/cps/lfcharacteristics.htm#fullpart
    Full- or part-time status
    Full time is 35 hours or more per week; part time is 1 to 34 hours per week.

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    Re: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'

    Quote Originally Posted by Samhain View Post
    The people being removed from the workforce size, for the large part, are people who want to work but can't find work. If someone wants a job, but can't find one for a long period of time, they should still be counted as unemployed.
    U-4 includes discourage workers. Discouraged workers are individuals that specifically state they are not looking for a job because of market conditions. This number was 7.2% in December
    U-6 includes persons "marginally attached to the labor force".
    If you want to count all the people who want a job, or have a part time job but want full time work, and exclude retired, attending school and under 16, then U6 is your rate.
    No the U6 number is used because it's remarkably higher than the U-3 number . A lot of people are used to hearing the u-3 number used so in good times they associate a 4% unemployment rate as normal. When they hear 14% U-6 used by some folks as the "real unemployment number" then they think "wow! It's much higher than normal". Even during the 90's U-6 hovered around 9%.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'

    Quote Originally Posted by Samhain View Post
    I don't believe that to be true. BLS.gov's page of definitions has "full time" defined as 35 hours per week, and I'm pretty sure its been that way for quite some time.

    http://www.bls.gov/cps/lfcharacteristics.htm#fullpart
    My mistake, it was O-care, not the BLS that redefined 'full time'....

    "They have taken aim at the definition of “full time” in the health care law, which is set at 30 hours per week. Their legislation, the Forty Hours is Full Time Act, would change the threshold to 40 hours. Their concern, they say, is that employers may be increasingly motivated to avoid the mandate by cutting workers’ hours. In a letter to the Budget committee, they wrote that defining “full time” as 40 hours a week “will help protect millions of employees from having their hours curtailed” and their earnings reduced."

    http://takingnote.blogs.nytimes.com/...ime-work/?_r=0
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'

    Quote Originally Posted by j-mac View Post
    Is it, or is it not true that the calculation used by BLS to measure "full time" went from 40 hrs. to 30 hrs. per week under this administration?
    Actually full time cutoff is 35 hours a week. That's been the case...well for as long as I've been born.
    “Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.” John Maynard Keynes

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    Re: Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'

    Quote Originally Posted by iliveonramen View Post
    Actually full time cutoff is 35 hours a week. That's been the case...well for as long as I've been born.

    ^^^^^

    10-4, check the post right above yours....
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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