Are We Looking at the Wrong Jobs Numbers?


So the first thing you have to know that unemployment number that we hear every month. That's not the whole truth there. Six unemployment numbers at the bureau of labor statistics puts out every month. You one all the way through to us. Six stands for unemployment and normally like different kinds of unemployment numbers. This is the kind of thing that is interesting to like labor. Economists like nick but right now it is crucial. So with that in mind. Darrien led us wade in to the wildly technical world of unemployment numbers the universe if you will level one you one so you. One is for people who have been unemployed for at least fifteen weeks or longer. Okay you one. This'll be like a recent college grad who has been applying to jobs actively for four months. Hasn't gotten a bite to you too. So that brings us to you to which means no waiting fifteen weeks to be counted and youtube. But you have to have lost your job or had your job end so the graduate probably wouldn't count but youtube would con somebody like an ice cream truck driver in new york. Somebody whose job goes away when the summer ends level. Free free yes you. Three is the unemployment that we all know in love. U-3 three the big cahoon app. This is the number we hear every month. This was the five point. Nine percent youth recounts she was unemployed if you are actively looking for work and are ready to start right away so this is the recent college graduate plus the ice cream woman. Nick says you three is very clean. Very simple not a lot of room for ambiguity. That's why people like it. That's why everyone looks at it. If you want to censor what the hell way market looks like you. Basically say okay of everyone who was actively looking for a job. What percent of them don't have a job at what one right now and. that's what you three. That old trust unemployment rate is trying to get at.

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