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Sunday, April 06, 2014

The true picture of the unemployment crises

http://www.testosteronepit.com/home/2014/3/22/this-chart-is-a-true-picture-of-the-unemployment-crisis-in-a.html

The unemployment rate is a complex measure based on surveys and some grotesque definitions, including who gets counted as "unemployed." These definitions eliminate millions of jobless people from the list of the officially “unemployed.” The resulting grotesque data – grotesque in, grotesque out – is then adjusted to paper over nagging real-world issues, such as seasonality. The result is a number that is easy to toss around during speeches but hard to use for gauging what's really going on in the labor market.

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