[POLL] Future of the U.S. Economy -- Return to Prosperity, Status Quo, or Second/Third World Nationhood

[First]

The definitions and details of unemployment (structural, frictional, cyclical, etc.) have been spoon-fed to you before. Try the following link: http://en.wikipedia.org/wiki/Types_of_unemployment

 

[WhipperSnapper]

Thanks for the link. I scanned it over and while I might read it later, it doesn't seem to explain exactly how the numbers are calculated and what is regarded as unemployment. As I've mentioned before, my understanding of how U.S. unemployment is calculated is that those people who've "stopped looking for work but would like a job" are not technically unemployed nor are people who retire early involuntarily nor those who become stay at home parents, etc. Also, it doesn't count people working less than 15 hours a week at low wage jobs (severe underemployment) who'd like to work more as unemployed. That's why I always assume that the U.S. numbers significantly undercount it.

 

[First]

Originally posted by: WhipperSnapper


Thanks for the link. I scanned it over and while I might read it later, it doesn't seem to explain exactly how the numbers are calculated and what is regarded as unemployment. As I've mentioned before, my understanding of how U.S. unemployment is calculated is that those people who've "stopped looking for work but would like a job" are not technically unemployed nor are people who retire early involuntarily nor those who become stay at home parents, etc. Also, it doesn't count people working less than 15 hours a week at low wage jobs (severe underemployment) who'd like to work more as unemployed. That's why I always assume that the U.S. numbers significantly undercount it.

1) The average American works 34.2 hrs/week, so your part-time concern is out.
2) Those not counted as unemployed because they are looking for work a certain length of time represent a small percentage (4%). Most importantly, this type of frictionality is a common occurrence in industrialized nations that isn't unique to the U.S. To count them as unemployed would be to fudge the unemployment numbers upward.

 

[WhipperSnapper]

Originally posted by: Evan

1) The average American works 34.2 hrs/week, so your part-time concern is out.

Why not just do away with the unemployment stat altogether since your average American is employed. What does the amount of time per week that the average American works have to do with tabulating the amount of severe underemployment?

2) Those not counted as unemployed because they are looking for work a certain length of time represent a small percentage (4%). Most importantly, this type of frictionality is a common occurrence in industrialized nations that isn't unique to the U.S. To count them as unemployed would be to fudge the unemployment numbers upward.

So you're saying that, in reality people who want to work and who are physically and mentally able but who, according to the tabulators, have "stopped looking for work" are not unemployed?