Unemployment Drops To 6.6% - Lowest Since Oct 2008 (downturn, economy, retirements)
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The stock market also loves billions of dollars of federal dollars being pumped into it each month artificially propping up the market. Only problem is that only masks the real problems and creates an inevitable corrections or crash when we can no longer afford to keep pumping borrowed money into the system. Eventually you have 2008 all over again. It's not a question of if but when.
I wonder if the drop in unemployment is a result of Congress not extending the longterm unemployment benefits. Those who exhausted their benefits would be dropped out of the workforce, statistically speaking, resulting in a reduce unemployment rate.
What do the unemployment insurance (UI) figures measure?
These data are not used to measure total unemployment because they exclude several important groups. To begin with, not all workers are covered by UI programs. For example, self-employed workers, unpaid family workers, workers in certain not-for-profit organizations, and several other small (primarily seasonal) worker categories are not covered. In addition, the insured unemployed exclude the following:
Unemployed workers who have exhausted their benefits
Unemployed workers who have not yet earned benefit rights (such as new entrants or reentrants to the labor force)
Disqualified workers whose unemployment is considered to have resulted from their own actions rather than from economic conditions; for example, a worker discharged for misconduct on the job
Otherwise eligible unemployed persons who do not file for benefits
Yet another reason why the Unemployment Rate is an increasingly useless statistic. When you have a long list of rules about how counts and who doesn't, how can you ever hope to be accurate?
See my previous response, in which I reference the BLS website as my source of information.
Never rely on what some forum member "thinks" the rules are.
The so called real unemployment rate is still significantly lower than the middle of the Great Depression in 2008.
Much of the lower labor utilization rate is based on baby boomers retiring and the ever increasing number of kids and young adults who are in college.
No, it's based on the loss of 13 Million jobs.
The loss of those 13 Million jobs is what is causing you to drain the OADI, OASI and HI (Medicare) Trust Funds.
5% Unemployment without a corresponding 63.5% Employment-to-Population Ratio and a correspondingly high Labor Force Participation Rate (65%-66%) is a Massive Fail.
In plain English, you need 157 Million Americans working, not 143 Million.
Quote:
Originally Posted by RD5050
See my previous response, in which I reference the BLS website as my source of information.
Never rely on what some forum member "thinks" the rules are.
Good...then you should know that "Seasonally Adjusted" is the same as Fantasy Unemployment....sort of like Fantasy Football, only different.
Good...then you should know that "Seasonally Adjusted" is the same as Fantasy Unemployment....sort of like Fantasy Football, only different.
Really...
Mircea
And you should know that the 897,000 jobs you complained about being lost in January 2014 is no different than the January job losses during previous 65 years, as I showed in this post:
Series Id: LNU02000000 Not Seasonally Adjusted
Series title: (Unadj) Employment Level Labor force status: Employed Type of data: Number in thousands Age: 16 years and over
Got any more "FANTASY" statements you wish to make?
See my previous response, in which I reference the BLS website as my source of information.
Never rely on what some forum member "thinks" the rules are.
I have no idea where you're going with any of that. The underlying point is quite simple: The official Unemployment Rate does not actually measure the number of working-aged Americans that are unemployed. Because it does not, it is an unreliable statistic.
The BLS does provide us with the Labor Force Participation Rate. Democrats and Liberals absolutely hate the LFPR for one simple reason: It makes Obama look terrible. Tremendous efforts have been made to sell Americans on the absolutely false notion that Baby Boomer retirements only ever started happening on exactly January 20, 2009 -- the very instant that Obama took office. The Democrats desperately want everyone to believe that it's all just an unhappy coincidence. And let's be honest, the fact that the LFPR has been dropping so fast since January 2009 makes Obama look very bad.
Labor Force Participation Rate
Civilian labor force participation rate
Age: 16 years and over
The truth is, the BB'ers are working beyond retirement age in record numbers. For example, the percentage of Americans over 70 still working has nearly tripled.
Obama should have announced a jobs program during his speech last week, which could be financed entirely off budget by way of that giant river of money known as the Federal Reserve. If they can bail out banks including foreign banks with tens of trillions of dollars then the Federal Reserve can be commandeered to open up a infrastructure window and cough up a few trillion to put people back to work.
I have no idea where you're going with any of that.
You don't?
You replied to this post (in red):
Quote:
Originally Posted by texan2yankee I wonder if the drop in unemployment is a result of Congress not extending the longterm unemployment benefits. Those who exhausted their benefits would be dropped out of the workforce, statistically speaking, resulting in a reduce unemployment rate.
Quote:
Originally Posted by godofthunder9010Yet another reason why the Unemployment Rate is an increasingly useless statistic. When you have a long list of rules about how counts and who doesn't, how can you ever hope to be accurate?
And I showed using the BLS website, that texan2yankee did not know the rules concerning unemployment insurance, and in fact, had them wrong.
However you immediately believed texan2yankee's comment (in blue), and followed up with your red comment as if their blue comment was a fact.
How difficult is that to understand?
Quote:
Originally Posted by godofthunder9010
The underlying point is quite simple: The official Unemployment Rate does not actually measure the number of working-aged Americans that are unemployed. Because it does not, it is an unreliable statistic.
The BLS does provide us with the Labor Force Participation Rate. Democrats and Liberals absolutely hate the LFPR for one simple reason: It makes Obama look terrible. Tremendous efforts have been made to sell Americans on the absolutely false notion that Baby Boomer retirements only ever started happening on exactly January 20, 2009 -- the very instant that Obama took office. The Democrats desperately want everyone to believe that it's all just an unhappy coincidence. And let's be honest, the fact that the LFPR has been dropping so fast since January 2009 makes Obama look very bad.
Labor Force Participation Rate
Civilian labor force participation rate
Age: 16 years and over
The truth is, the BB'ers are working beyond retirement age in record numbers. For example, the percentage of Americans over 70 still working has nearly tripled.
Every time the Unemployment Rate drops, the Obama haters always bring up the Labor Force Participation Rate.
It's their "canned response" whenever the Unemployment Rate argument doesn't go their way.
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