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Declining Jobs Rate Is Part Due To Unemployment Aid Running Out

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Declining Jobs Rate Is Part Due To Unemployment Aid Running Out

Post by gigichicago on Tue May 31, 2011 9:03 pm

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Re: Declining Jobs Rate Is Part Due To Unemployment Aid Running Out

Post by new_wave_princess on Tue May 31, 2011 11:44 pm

Yep. Once we lose benefits we aren't considered part of the stat anymore. i've long exhausted unemployment.
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Re: Declining Jobs Rate Is Part Due To Unemployment Aid Running Out

Post by Phillymg on Wed Jun 01, 2011 9:05 pm

new_wave_princess wrote:Yep. Once we lose benefits we aren't considered part of the stat anymore. i've long exhausted unemployment.
Sorry to be the one to point out that the article does *not* say that.

The article says that the Chicago Fed study makes two claims about the U3 rate--

(1) while people are getting UI benefits they don't seriously search for work.....they wait till their UI runs out & then go get jobs meaning they're no longer classified as unemployed & therefore aren't in U3 anymore. (This is an insidious claim--without any basis of proof--intended to encourage the govt to get rid of UI benefits.)

(2) other people after their UI runs out they stop applying for jobs & become what's called called Discouraged Workers who aren't counted in U3. (While it's true that Discouraged Workers aren't counted in U3.....they *are counted* in U6 along with everyone in U3 & the part-time workers.)

The article completely ignores the U6 rate which has been in a crisis mode ever since the Recession began.

http://portalseven.com/employment/unemployment_rate_u6.jsp?fromYear=1994&toYear=2011

Imo the article was placed on HuffPost by the rich & powerful to distract attention from the fact that on Friday June 4th the US will break the record set back in the early 1980's......when the US went 26 months with the U3 rate at 8% or above. This Friday when the U3 & U6 rates for May come out.....the U3 rate will show a record 27 months with the U3 rate over 8%.

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Re: Declining Jobs Rate Is Part Due To Unemployment Aid Running Out

Post by JaneWI on Wed Jun 01, 2011 9:09 pm

Phillymg, thank you for your insight into the unemployment numbers. Smile I always look forward to seeing your clear and concise posts.
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Re: Declining Jobs Rate Is Part Due To Unemployment Aid Running Out

Post by Phillymg on Wed Jun 01, 2011 9:46 pm

Lol 'concise'..... jocolor

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Re: Declining Jobs Rate Is Part Due To Unemployment Aid Running Out

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