Trump celebrates Fake Unemployment now at 13.3%

The unemployment numbers were obtained the same as those in the past. They do a nationwide survey and ask whether they are working or are looking for a work They divide the number who are not working, but are looking for work by the total of those with work or are looking for work. Just like in the past, that does not include those who are no longer looking for work for whatever reason. That is the basic concept, you can get a more detailed explanation by goodling "unemployment rate".

I suspect that there are quite a few who are content to rely on government subsidies rather than looking for work, but they do not get counted in unemployment calculations.

 

A misclassification isn’t great news, it’s an error.

Q; Should errors be corrected, or applauded?

A; The above-average intelligent people would say “corrected”

 

There was no misclassification or error. It was done the way it has always been done. If it is a misclassification or error, the same misclassification or error has been made for decades.

The problem is the labor participation rate has dropped by 3.2%. That is 3.2% of the available work force who is no longer looking for work. or working.

 

Quote; There was no misclassification or error

Well, let’s test you IQ;

Explain this;

“BLS and the Census Bureau are investigating why this misclassification error continues to occur, and are taking additional steps to address the issue”

Source; BLS Emploment Situation Summary, last paragraph.

Q; Should errors be corrected, or applauded?

 

Whether you call this a misclassification error or whatever, it has been there for a long time.

The unemployment rate by itself is misleading and has been misleading for a long time. I pointed this out repeatedly. It fails to take into account those people who would rather not work or look for work. The additional information is contained in the labor participation rate. In order to get a more complete look at employment, you have to look at both the unemployment rate and the labor participation rate.

The labor participation rate started dropping immediately after Obama took office and dropped about 4% and never fully recovered. That drop represented people who lost their job and then did not try to get another job. It dropped another 3.2% after the economy was shut down because of the virus. Part of the available work force would rather collect government subsidies than go back to work. As long as subsidies are provided by the government for not working, it will never go back up. If you look at the LPR, it dropped precipitously in early 2020.
https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm

The information is all there. It is just not all contained in the unemployment rate, just like it has been for a long time.

 

Donnie doesn't do the hiring and firing any of those.

 

Quote; Whether you call this a misclassification error or whatever, it has been there for a long time.

According to BLS/Census Bureau, it is a misclassification error, and they are calling it a misclassification error, PERIOD!

Quote; the employment rate by itself is misleading, and has been misleading for a long time.

Agree!

 

Why wasn't it a misclassification error when it dropped during the Obama administration? We had a lot of newly unemployed people which the unemployment rate ignored. I raised that issue repeatedly during that period, but all I heard was that "We use the unemployment rate. That is what we have always used.".

 

For your info

BLS misclassified those who were temporarily laid off (mainly furloughed workers) as “Employed not at work”....According to BLS/Census Bureau Senior managers, they should have been classified as unemployed.

Question; What BLS misclassified when Obama was POTUS?

 

Disregard. I see what you are talking about. However, the labor participation rate is still a major problem.

At the same time the employment rate was going down under Obama, the labor participation rate was also going down. As a result the actual unemployment was much higher. It was calculated as being as high as around 15%. But it all depends on how you count it.

 

He’s not responsible for anything.

We’ve heard this for over 4 years now. Mostly from him and his supporters.

 

In this particular case that’s true - he didn’t do anything.

 

You do realize we literally shut down the ENTIRE economy of America for three months and we only had 35% unemployment. Furthermore our stock market has been aggressively climbing since its crash from said artificial shut down. That’s a damn impressive feat.

There’s absolutely nothing wrong with this economy. That’s why the dems are fighting tooth and nail to keep it shut down in the face of a virus with a .2-1% death rate. Because they know when the shutdown ends the economy and the market are going to explode upward.