Re:What Record-Low Unemployment Looks Like in America
by Bartweiss on Thursday March 15, 2018 @02:52PM
(#16595528)
They're not included in 'unemployment' as commonly cited, but they're regularly counted.
The labor force participation rate describes how many people of working age are trying to work. 'NEET' stats remove from that number education or vocational training students.
And economists use multiple definitions of unemployment accounting for many different things. U3 is commonly cited, but misleading for this purpose. U4 captures people who want to work but assume it isn't available, U5 captures other unattached workers, and U6 even adds part time workers seeking full time work.
The labor force participation rate describes how many people of working age are trying to work. 'NEET' stats remove from that number education or vocational training students.
And economists use multiple definitions of unemployment accounting for many different things. U3 is commonly cited, but misleading for this purpose. U4 captures people who want to work but assume it isn't available, U5 captures other unattached workers, and U6 even adds part time workers seeking full time work.