America's true unemployment rate

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America's true unemployment rate

Post by antifa » Fri Oct 16, 2020 12:56 am

Felix Salmon, author of Capital

A person who is looking for a full-time job that pays a living wage — but who can't find one — is unemployed. If you accept that definition, the true unemployment rate in the U.S. is a stunning 26.1%, according to an important new dataset shared exclusively with "Axios on HBO."

Why it matters: The official unemployment rate is artificially depressed by excluding people who might be earning only a few dollars a week. It also excludes anybody who has stopped looking for work or is discouraged by a lack of jobs or by the demands of child care during the coronavirus crisis.

If you measure the unemployed as anybody over 16 years old who isn't earning a living wage, the rate rises even further, to 54.6%. For Black Americans, it's 59.2%. ... 5840d.html
Compare these numbers to ShadowStats 27% unemployment using worker participation and true unemployment is almost exactly the same.
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