Thursday, December 10, 2009
Who is (or isn't) Counted as Unemployed?
This little 2 minute video does a good job in explaining how the Bureau of Labor Statistics measures who is Unemployed, who is not in labor market, who is marginally in the labor market and who is working part time for economic reasons.
Only people who are "Unemployed" are counted in the (10%) unemployment rate. The other 3 categories may or may not be included in the U-6 Broader measurement of unemployment (~17%). The video pokes fun that the government would rather have the public and media focus on the smaller number in order to keep optimism high.