Raw government-announced unemployment figures can be completely misleading. They must be interpreted. They never fully are, in the media, often for political purposes.
Some examples: Unemployment figures do not tell you how long the unemployed have been out of work. Or how many are not working full days or have permanent jobs.
Nor do the say how many have given up looking for work. Those out of work a long time may not even be looking for employment any more. That means they’re not being counted as unemployed, That results in a better looking than reported unemployment figure.
Moreover, the time of year reported is a factor. And weather conditions may have much to do with short-term implications of job statistics.
Unemployment benefits and when they start have an impact as well. Extending benefits tends to make the unemployment rolls greater because it’s a disincentive for seeking jobs.
Realize, too, that average unemployment numbers are what we get, covering all age groups. That average can consist of different classes, each of which is affected differently. Classifications may consist of teens on up to age 25. Or all adults 25 and older Or high school graduates, or college graduates. The skilled and unskilled.
The adjusted unemployment rate now is closer to 17.5% not the 10% bandied about by the media and the Obama administration. The youngest are suffering the most from the current recession.
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