Except that the published figure is what gets used in policy and calculations. The real rate is largely ignored and the numbers are heavily skewed by ever-changing definitions and parameters making the “unemployment rate” a nearly useless metric. We need to run our country based on keeping people out of functional poverty, not based on keeping profits up.
I’m saying that the unemployment rate is artificially low as well as being a stupid metric to use, but unfortunately, it’s the metric that powerful entities use to make decisions about manipulating the economy at large.
Right. This is important to remember. I think my question is still valid because it’s about the real rate and not the published figure.
Except that the published figure is what gets used in policy and calculations. The real rate is largely ignored and the numbers are heavily skewed by ever-changing definitions and parameters making the “unemployment rate” a nearly useless metric. We need to run our country based on keeping people out of functional poverty, not based on keeping profits up.
Policy and calculations don’t matter if there is low unemployment. It’s minimum wage that’s gamed. Why fight that lost battle?
I’m saying that the unemployment rate is artificially low as well as being a stupid metric to use, but unfortunately, it’s the metric that powerful entities use to make decisions about manipulating the economy at large.
There is the published figure and there is the actual number of unemployed people.
You rightfully point out that the figure is manipulated. I am talking about the actually unemployed people.