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Old 05-24-2012, 07:16 AM
 
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Quote:
Originally Posted by whtviper1 View Post
HONOLULU—The Hawai‘i State Department of Labor & Industrial Relations announced today that the seasonally adjusted unemployment rate for March remained at 6.4 percent.

There were 616,400 employed and 42,250 unemployed in March, for a total seasonally adjusted labor force of 658,650.

I thought I'd throw that out there as it is a reminder there are a lot of people looking for work in Hawaii. Jobs are not as easy to find as you may think.
6.4% unemployment is still quite low, though. Most economists think 5% unemployment is "full employment", so 6.4% is not too far off from that.
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Old 05-24-2012, 12:45 PM
 
Location: Kahala
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Quote:
Originally Posted by ndfmnlf View Post
6.4% unemployment is still quite low, though. Most economists think 5% unemployment is "full employment", so 6.4% is not too far off from that.
The number of unemployed is higher - as they don't get reported when they lose benefits.
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Old 05-24-2012, 04:01 PM
 
Location: Volcano
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Quote:
Originally Posted by ndfmnlf View Post
6.4% unemployment is still quite low, though. Most economists think 5% unemployment is "full employment", so 6.4% is not too far off from that.
The terms used are misleading. Once an unemployed person exhausts their unemployment benefits they no longer count as "unemployed" on these stats. Many believe the real unemployment rate... that is, people who want to work but cannot find jobs... is more like 10-12%.
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Old 05-24-2012, 05:13 PM
 
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The second thing, is that, in order for them to get food, and medical benifits, they will have to shop. They can't escape the doctor, or living without food. So you are basically trapped, without escape.
Like a floatless manimal on a ball. It is like the goverment is giving away money, for people to spend.
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Old 05-24-2012, 07:02 PM
 
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Rather than speculate on how the unemployment rate is calculated, I suggest going to the source of the actual data: the Bureau of Labor Statistics. How the Government Measures Unemployment

This link takes great pains to explain that total unemployment does NOT exclude those who have lost their unemployment benefits. In fact, the government defines unemployment in very simple and specific terms: People with jobs are employed.
People who are jobless, looking for jobs, and available for work are unemployed.


Notice how this definition does not say anything about whether you should be receiving unemployment benefits in order to be counted as unemployed. Scroll down to the bottom of the link and notice that the BLS acknowledges that counting only those who are receiving benefits will severely undercount the unemployment rate. Therefore, the government avoids such a practice, and when it reports the rate, it reports the TOTAL rate, not just those receiving benefits. So, 6.4% unemployment is the total rate, not just those receiving benefits.
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Old 05-24-2012, 07:32 PM
 
Location: Volcano
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Originally Posted by ndfmnlf View Post
So, 6.4% unemployment is the total rate, not just those receiving benefits.
To be accurate, it is the rate reported by the Bureau of Labor.

Local experts claim it severely underreports unemployment on the Islands, and their estimate of 10 - 12 % actual unemployment seems more accurate in my personal experience.
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Old 05-24-2012, 08:53 PM
 
Location: Kahala
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Since to many people need a link otherwise it isn't true -

Here is the Bureau of Labor Statistics from the US Department of Labor.

Column U3 in the table is the reported and defined unemployment rate we are used to seeing, Hawaii was 7.1% in this table. Not so bad right?

Well, not really - as I and others pointed out - that really doesn't tell the whole story.

Column U4: Now we have the discouraged workers - they aren't counted. They aren't counted because they didn't look in the past 4 weeks because they think nothing is available to them. But they want to work. Now we jump to 7.6%.

Column U5: Now we have marginally attached workers - they aren't counted. They also want to work - they just used a different reason than discouraged workers. Now we are at 8.9%. Uh oh.

Column U6: Now we have the group working part time - who want to work full-time - called involuntary part-time workers. They work less than 35 hours a week. They aren't counted. Now we jump to 14.8%.

The employment picture is not as rosey as one may think.

Alternative Measures of Labor Underutilization for States
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Old 05-24-2012, 09:07 PM
 
Location: Middle of the valley
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Quote:
Originally Posted by whtviper1 View Post
Since to many people need a link otherwise it isn't true -

Here is the Bureau of Labor Statistics from the US Department of Labor.

Column U3 in the table is the reported and defined unemployment rate we are used to seeing, Hawaii was 7.1% in this table. Not so bad right?

Well, not really - as I and others pointed out - that really doesn't tell the whole story.

Column U4: Now we have the discouraged workers - they aren't counted. They aren't counted because they didn't look in the past 4 weeks because they think nothing is available to them. But they want to work. Now we jump to 7.6%.

Column U5: Now we have marginally attached workers - they aren't counted. They also want to work - they just used a different reason than discouraged workers. Now we are at 8.9%. Uh oh.

Column U6: Now we have the group working part time - who want to work full-time - called involuntary part-time workers. They work less than 35 hours a week. They aren't counted. Now we jump to 14.8%.

The employment picture is not as rosey as one may think.

Alternative Measures of Labor Underutilization for States
Totally agree with the above. BUT, for general purposes of comparing states (who have the same type of under reporting) it's still a pretty good guide.
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Old 05-24-2012, 09:21 PM
 
Location: Kahala
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Originally Posted by Mikala43 View Post
Totally agree with the above. BUT, for general purposes of comparing states (who have the same type of under reporting) it's still a pretty good guide.
Well - Hawaii goes from 16th best (an ok number) with its reported unemployment (sorted U3)- to 28th (not so good, sorted U6) once we count the part timers looking for full-time work and discouraged workers. Hawaii's high reliance on part timers skews our reported unemployment number and makes it look better here than it really is.

Last edited by whtviper1; 05-24-2012 at 09:34 PM..
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Old 05-24-2012, 10:15 PM
 
Location: Middle of the valley
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Quote:
Originally Posted by whtviper1 View Post
Well - Hawaii goes from 16th best (an ok number) with its reported unemployment (sorted U3)- to 28th (not so good, sorted U6) once we count the part timers looking for full-time work and discouraged workers. Hawaii's high reliance on part timers skews our reported unemployment number and makes it look better here than it really is.
I stand corrected.... acutally, that is very interesting.
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