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Started By
Message
Mnuchin: Unemployment rate is 'not real'
Posted on 1/19/17 at 2:20 pm
Posted on 1/19/17 at 2:20 pm
LINK
quote:
“I absolutely understand why he got elected,” said Mnuchin. “The average American worker has gone absolutely nowhere. The unemployment rate is not real.”
quote:
In so doing, Trump’s pick to head the Treasury Department dismissed the validity of one of the nation’s central economic guideposts, which currently sits at 4.7 percent.
15
Posted on 1/19/17 at 2:20 pm to MButterfly
quote:
In so doing, Trump’s pick to head the Treasury Department dismissed the validity of one of the nation’s central economic guideposts, which currently sits at 4.7 percent.
CNN BREAKING NEWS:
Mnuchin hates math!
Posted on 1/19/17 at 2:21 pm to MButterfly
It's not.
Posted on 1/19/17 at 2:22 pm to KosmoCramer
Gotta be higher than 4.7%. I know my outlook is skewed due to being in a heavily oil field dominated area. Locally our numbers must be double digits.
Posted on 1/19/17 at 2:22 pm to MButterfly
He's correct, but both sides massage those numbers.
Posted on 1/19/17 at 2:22 pm to MButterfly
He's right. The labor participation rate needs to be taken into account, as well as part time vs. full time employment.
Posted on 1/19/17 at 2:23 pm to MButterfly
Give them credit, they got Step 1 right!
Posted on 1/19/17 at 2:23 pm to MButterfly
Well its not. This has been pretty well established.
Posted on 1/19/17 at 2:24 pm to MButterfly
EPI.org
quote:
In today’s labor market, the unemployment rate drastically understates the weakness of job opportunities. This is due to the existence of a large pool of “missing workers”–potential workers who, because of weak job opportunities, are neither employed nor actively seeking a job. In other words, these are people who would be either working or looking for work if job opportunities were significantly stronger. Because jobless workers are only counted as unemployed if they are actively seeking work, these “missing workers” are not reflected in the unemployment rate.
Posted on 1/19/17 at 2:24 pm to MButterfly
There are three kinds of lies: lies, damned lies, and statistics
Posted on 1/19/17 at 2:24 pm to upgrayedd
quote:Nah. Trump was off by 1500%. That ain't massaging.
He's correct, but both sides massage those numbers.
Posted on 1/19/17 at 2:24 pm to upgrayedd
agreed, how do you consider someone out of the workforce as employed. really stupid.
Posted on 1/19/17 at 2:24 pm to MButterfly
quote:
“I absolutely understand why he got elected,” said Mnuchin. “The average American worker has gone absolutely nowhere. The unemployment rate is not real.”
Reality just entered the room.
Posted on 1/19/17 at 2:25 pm to MButterfly
Meh. I don't know a single person who wants to work that is unemployed.
Posted on 1/19/17 at 2:26 pm to MButterfly
im more interested in "quality" jobs compared to the # of people that are qualified to obtain these quality jobs that are currently out of work and are looking for work.
Posted on 1/19/17 at 2:29 pm to DownSouthJukin
quote:
He's right. The labor participation rate needs to be taken into account, as well as part time vs. full time employment.
dims changed the definition of full-time from 40 to 30 hrs. The real # is about 15%.
Posted on 1/19/17 at 2:30 pm to dmjones
(no message)
This post was edited on 1/19/21 at 11:24 pm
Posted on 1/19/17 at 2:31 pm to FreddieMac
quote:
agreed, how do you consider someone out of the workforce as employed. really stupid.
The same way they count seasonal jobs every year as real lasting job gains.
Posted on 1/19/17 at 2:32 pm to bayoudude
Part of the skew is the length of time one has been out of the labor market.
People who don't get a job in X amount of time drop off automatically even if they are still looking. Not so coincidentally, Obama extended unemployment benefits significantly which helped people reach that mark.
People who don't get a job in X amount of time drop off automatically even if they are still looking. Not so coincidentally, Obama extended unemployment benefits significantly which helped people reach that mark.
Posted on 1/19/17 at 2:32 pm to Crimson Wraith
quote:
dims changed the definition of full-time from 40 to 30 hrs. The real # is about 15%.
I knew they had changed the formula but couldn't remember how. Did they also change the formula to remove "unemployed and seeking work" people after a shorter period?
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