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I happen to agree that the UE number is pointless to look at alone. However, its use and abuse by folks is simply amusing.
The percentage is meaningless when it goes up, but when it goes down it is a remarkable statistic to analyze. When the jobs numbers are low (80,000), it's 'well the UE rate continues to drop'. When the jobs number is decent but UE rate is up, then it's 'but look we added more jobs then expected.'
Despite the seemingly good news, the report's household showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments in the establishment survey.
I happen to agree that the UE number is pointless to look at alone. However, its use and abuse by folks is simply amusing.
The percentage is meaningless when it goes up, but when it goes down it is a remarkable statistic to analyze. When the jobs numbers are low (80,000), it's 'well the UE rate continues to drop'. When the jobs number is decent but UE rate is up, then it's 'but look we added more jobs then expected.'
That doesn't mean it's meaningless, that just means that politicians are good and happy with spinning it.
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