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View Diary: Uncounted 'missing workers' continue to make economy appear healthier than is actually the case (73 comments)

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  •  Pretty wonky! (1+ / 0-)
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    Darryl House

    Really looks like a Ken Lay, Enron, Arthur Andersen plan of creative accounting to make the unemployed numbers look less, not so bad as they actually are.

    Bradley Manning and Julian Assange are being persecuted for telling the truth. Paul Craig Roberts

    by dharmasyd on Thu May 02, 2013 at 08:21:46 PM PDT

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    •  A wonk I ain't (at least I hope I ain't). But (3+ / 0-)
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      Darryl House, dharmasyd, Odysseus

      there  are unemployed and then there are unemployed.

      The headline number that will be reported for April tomorrow is the U3 figure which itself gives only a partial picture of the state of the labor force. The far-more-expansive U6 figure (which includes those working part-time who would rather be workiing full-time but cannot find a full-time position) is far, far worse than the headline figure. Between tomorrow's U3 and U6, there are U4 and U5, each category slightly more expansive than the figures reported tomorrow.

      The bottom line, imho, is this: labor is a resource and when the LFPR declines substantially, that's a way of saying that a resource is not being utilized fully, i.e., is lying idle. There's no way that's a good thing, imho, but the last time the Democratic Party included a full-employment plank in their national platform was 1976, IIRC.

      Wonk interlude over. Back to regular programming.

      •  U6 includes more than just part-time workers... (2+ / 0-)
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        CharlesInCharge, Odysseus

        ...It also covers a portion of the discouraged workers who are no longer looking for jobs. The unemployment rate comes from a single survey, the Current Population Survey.

        Don't tell me what you believe, show me what you do and I will tell you what you believe.

        by Meteor Blades on Thu May 02, 2013 at 10:27:26 PM PDT

        [ Parent ]

        •  Yeah, I was being lazy tonight. i can never (1+ / 0-)
          Recommended by:

          remember the specific definitions of the various U iterations - chalk it up to encroaching senescence - and knew there was something I was neglecting but was too lazy to run it down.

          Thanks for the annotation. This is a great thread!

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