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Thread: Current U-6 Unemployment Rate is 11.3%

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    Re: Current U-6 Unemployment Rate is 11.3%

    Quote Originally Posted by Deuce View Post
    The different method of measurement that also shows unemployment rates dropping? Yes, how terrible for democrats.
    Oh...it would be nice if the unemployment rate was the only important number...but it's not. The policies of Obama and the Congressional Democrats adversely affect issues other than that particular number.

    btw, If I were a Democrat I wouldn't crow all that much about the unemployment rate. I mean...that number isn't THAT good. Especially after six freaking years.
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    Re: Current U-6 Unemployment Rate is 11.3%

    Quote Originally Posted by Mycroft View Post
    Oh...it would be nice if the unemployment rate was the only important number...but it's not. The policies of Obama and the Congressional Democrats adversely affect issues other than that particular number.

    btw, If I were a Democrat I wouldn't crow all that much about the unemployment rate. I mean...that number isn't THAT good. Especially after six freaking years.
    I'm told it has been a faster drop than what Reagan managed.
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    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Current U-6 Unemployment Rate is 11.3%

    here's the number in a historical context in comparison with the U3 rate.

    US-Unemployment-Rate-2-1-2013.jpg

    this chart only takes it through 3013. if it's now down to 11, it is approaching where it was in the early / mid 2000s before the gamblers ruined the economy. so, like the U3 rate, it is pretty much moving in the right direction, which i find a bit shocking, considering that we are entering the first stages of a post-labor economy due to technology.

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    Re: Current U-6 Unemployment Rate is 11.3%

    Quote Originally Posted by a351 View Post
    The same spiel every month. The U-6, which is not an unemployment rate, but a measure of underutilization, has declined by 6 percent since the end of the Recession and has mirrored the decline in the official rate to a nearly perfect degree. Those who latch onto this figure to the exclusion of all others do so for strictly political purposes.
    I would prefer the participation rate to U6. That makes more sense, if you view it in a long data row.

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    Re: Current U-6 Unemployment Rate is 11.3%

    Quote Originally Posted by Deuce View Post
    I'm told it has been a faster drop than what Reagan managed.
    Mmmm, not exactly. The two cannot be compared apples to apples. In 1994, the BLS redesigned the unemployed status of people unemployed longer than 52 weeks to be removed from the labour force. This adjustment immediately improved the overall measure of unemployment by shrinking the labor force by some 500,000 individuals.

    In this current recovery (for lack of a better term), long-term unemployment is the highest its ever been. Also, individuals are leaving the labour force a more frequent rates.

    If the BLS used the same design for calculating unemployed persons as they did before 1993, the unemployment rate would currently be larger.

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    Re: Current U-6 Unemployment Rate is 11.3%

    Quote Originally Posted by joG View Post
    I would prefer the participation rate to U6. That makes more sense, if you view it in a long data row.
    Except then you have demographic variables like the retiring baby boomers, or you end up counting full-time college students as "unemployed."
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    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Current U-6 Unemployment Rate is 11.3%

    Quote Originally Posted by WallStreetVixen View Post
    Mmmm, not exactly. The two cannot be compared apples to apples. In 1994, the BLS redesigned the unemployed status of people unemployed longer than 52 weeks to be removed from the labour force.
    That is untrue. The time limit was applied to Discouraged workers, and Discouraged have never been considered unemployed. Note that in A-35. Unemployed total and full-time workers by duration of unemployment there are about 2 million people unemployed longer than 52 weeks.

    If the BLS used the same design for calculating unemployed persons as they did before 1993, the unemployment rate would currently be larger.
    No, it wouldn't. The only change in definition was concerning people hired but not yet working. Before 1994 they didn't have to have looked for work in the previous 4 weeks to be considered unemployed, now they do.
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    Re: Current U-6 Unemployment Rate is 11.3%

    Quote Originally Posted by Deuce View Post
    I'm told it has been a faster drop than what Reagan managed.
    So? Does that make it good?
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    Re: Current U-6 Unemployment Rate is 11.3%

    Quote Originally Posted by pinqy View Post
    That is untrue. The time limit was applied to Discouraged workers, and Discouraged have never been considered unemployed. Note that in A-35. Unemployed total and full-time workers by duration of unemployment there are about 2 million people unemployed longer than 52 weeks.
    It wasn't limited to just discouraged workers.


    No, it wouldn't. The only change in definition was concerning people hired but not yet working. Before 1994 they didn't have to have looked for work in the previous 4 weeks to be considered unemployed, now they do.
    Not exactly. The change reduced the number of people recorded as having spells of 0 to 4 weeks duration.

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    Re: Current U-6 Unemployment Rate is 11.3%

    Quote Originally Posted by WallStreetVixen View Post
    It wasn't limited to just discouraged workers.
    Yes, it was. The only other category that has the 52 week time limit is Marginally Attached, which was a category introduced in 1994. Discouraged is a subset of marginally attached.



    Not exactly. The change reduced the number of people recorded as having spells of 0 to 4 weeks duration.
    Before 1994:
    Unemployed persons comprise all persons who did not work during the survey week, who made specific efforts to find a job within the past 4 weeks, and who were available for work during the survey week (except for temporary illness). Also included as unemployed are those who did not work at all, were available for work, and (a) were waiting to be called back to a job from which they had been laid off; or (b) were waiting to report to a new wage or salary job within 30 days.

    After 1994:
    Unemployed persons. All persons who had no employment during the reference week, were available for work, except for temporary illness, and had made specific efforts to find employment some time during the 4-week period ending with the reference week. Persons who were waiting to be recalled to a job from which they had been laid off need not have been looking for work to be classified as unemployed.

    Point out what you think changed besides waiting to start a job.
    Therefore, since the world has still/Much good, but much less good than ill,
    And while the sun and moon endure/Luck's a chance, but trouble's sure,
    I'd face it as a wise man would,/And train for ill and not for good.

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