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It also doesn’t count underemployed workers. So everyone working part time jobs, gig jobs, and skilled workers doing less skilled labor (not that lower skilled labor is not valid labor!). Essentially anyone not making a living wage or folks who cannot make ends meet but are technically “employed” don’t count toward the unemployment stat, even though they absolutely should
Like all things the US calculates, it’s basically just a completely made up number that means basically nothing.
Yes, which is why they don’t account for it. They do account for it in other numbers. I THINK most of those things are accounted for in U-6, which was over 20% earlier in the year but is still almost double what the officially reported rate is:
This. My partner works in an industry that has been devastated by the pandemic and hasn’t worked since the lockdown started, and isn’t seeking work at the moment, so in the eyes of the US gov they aren’t unemployed. A percentage of people currently on unemployment benefits would be a slightly better metric and would be a lot more than 6.7%
The official metric with the fewest exceptions says we’re at 12%
IDK how readily I’ll believe that spike bouncing back so quickly though
All of the official unemployment stats are heavily manipulated since politicians get their performance evaluated on them, shadowstats has for a while done its own unemployment rate calculation which right now sits at around 26%.
http://www.shadowstats.com/alternate_data/unemployment-charts
