Confusing Job Figures

The media quotes job figures to suit their own inclinations or political slants. So always be on your guard if you want accurate anlysis.

The media take numbers from the U.S. Department of Labor’s Bureau of Labor Statistics or BLS, to suit their purpose. It’s like moving goal posts for a football game.

Fact: You can look instead at the participation rate of American workers, also issued by the BLS.

Fact: When folks drop out of the job market because there are no jobs, suddenly you have less unemployment. Thus, figures can convey a rosy point of view. Just as the political party in office may want.

Fact: There is an official unemployment rate vs the job-vacancy rate. There may well be job openings but no one around to fill those jobs. What’s the good. for example, of having skilled jobs with only unskilled workers around to fill them? (See Earl J Weinreb NewsHole® comments.)