Is the unemployment rate really at an all time low, or was the formula just changed?

Answer 1

- It is not at an all-time low, however, it is pretty good compared to historical numbers

- The unemployment rate has been calculated the same way for a very long time:
# of people looking for work/(# of people looking for work + employed people)

Answer 2

The unemployment rate isn't at an all time low and the formula hasn't been changed.

Answer 3

I haven't met anyone in years that was actually looking for a job and couldn't find one.

If they adjusted the numbers and deleted the people drawing unemployment benefits it is almost zero. A lot of people don't even seriously start looking for a job till their benefits are about to run out. If they shortened the time covered by benefits the employment rate would go up right away.

Just look in the paper. Have you ever seen an employment section of the classified ads that said "sorry no jobs today" I haven't.

Answer 4

The two, inflation and a rising price level are basically the same thing, the only thing to think about is inflation refers to the overall economy, whereas one could apply price level to a specific product, but generally inflation is the price level of the entire economy. The unemployment rate can fall even though employment might fall as well because the unemployment rate doesn't account for people who have stopped actively looking for work. Yeah, you basically got the two concepts.

Answer 5

Well, formula changes from time to time, and if person is unemployed but not actively looking for a job then they dont count on offical satistics in the USA. Unemployment is probadly for the most part accurate plus or minus a few tenths of a percent. The goverment sats are not 100%, but if they notice tax dollars declining in certian local areas they its good hunch to figure that there unemployment. Your never gonna get 100% accurancy with unemployment rates, but satistics for unemployments usually very close within tenths of the percentage points. Be 4.4% unemployment or 4.7% its usually in that range if it 4.5% by critera used by the goverment.

Answer 6

That depend on which formula and the amount of people in the survey.Can 3000 people represent 3 million people.Age group of survey and who did they survey?

Answer 7

You sound skeptical. If, like me, you were trying to hire someone, your butt would not be skeptical at all that available labor is very hard to come by right now.