Unemployment figures by themselves can be very misleading. For one thing, they can be adjusted after publication because of errors and short-term conditions that may occur.
Then other considerations must be part of the picture for the analysis. Job creation is getting smaller. Look at that number, alongside the unemployment figure. Other factors ought to always be considered as well:
One: The length of time people are unemployed is now longer than since 1948.
Two: Employees are taking unpaid leave in larger numbers.
Three: People have given up looking for work. Some may have actually taken early retirement.
Four: The average work week is getting smaller.
All these factors affect what we see as unemployment.
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