So the market is disconnected from reality again?

lol you know the unemployment rate is really bad if mainstream news starts questioning it.

*Homeless population explodes* Good news everyone, unemployment has dropped!

Unemployment rate is a total meaningless measurement. I’m employed and yet my salary has declined 60% since last year.

The U-6 is a much more accurate gauge than U-3, because it takes into account those who are working part time, but who are looking for full-time work.

Ive heard so many lies the last 2 years, that I'm not sure what to believe anymore. 🥴

what I don't understand is why do you have to pay taxes again on employment, when taxes are taken out to have the benefit?

Just like the CPI, they are essentially cooking the books.

I think it's harder to say properly employed, I don't like it everytime they say "the US created X amount of jobs": agency is temporary from 6 months to a year and that's what the employers are looking for, not real full time employees. Just a revolving door of low income and instability.

The government doesn't need to conduct "surveys" to see who is working....they know damn well who is and who isn't

They aren't raising the minimum wage because the large corporations are lobbying against it. Money is basically a requirement to get your voice heard in any meaningful way.

speaking of people that dont need large sums of borrowed money.... why did corporations get so much money instead of citizens??? is the government’s priority its constituents or its corporations???

The unemployment rate is 20%.

This is an excellent video. There are several unemployment rates and the U3 is used as the "official" one in a lot of countries. The video deserves compliments because it teaches that there are several rates and those give different information. Hopefully, next time people who watched this video hear "the unemployment rate has fallen", we will remember and think "but, wait, I remember that this rate does not show everything about the job market ... let me get some more information".

Since they leave out those who give up looking, they severely undercount. If they would count those we would see unemployment is the worst since the Great Depression 1.0 and why I consider the Great Recession to be Great Depression 2.0!

I didn’t qualify for unemployment insurance because i was a contracted Part Time Employee... when my hours were reduced from 20Hrs/week to 12H/week as a college student this set me back tremendously, and now the department has let everyone go. I don’t qualify for PUA or regular UI because the way my work(my university) established me... even if i can prove i’ve been affected by covid-19 impacts...

The unemployment rate is just as wrong as the inflation measure. It is intentional and very misleading.

I used to work for a large government contractor. When writing prosposals we were routinely told to write to the level of the average 3rd grader.

People aren't really going back to work, the labor participation rate has only gone up .2% since april. They are just not being counted as unemployed anymore by the government.

When did we start using folks instead of people ?

The cat though

7:30 how can he say that the covid unemployment aid might have been counterproductive if there was a quarantine in the first place?

so funny people who make more than 15/hr saying that other people dont need 15/hr bc it doesnt fit their needs, especially when all costs of living have gone up while AVERAGE wages have not even adjusted for inflation

Don't know, what to believe these days 😕 everything and everyone looks right

Now I'm self employed as a freelancer. I don't think I'm counted.

The most commonly reported unemployment rate, U3, is really useful for one thing: telling you how much competition there is for job openings. And even then you also need to know the # of job openings. It's really useless for anything else.

14:04-14:29 "It doesn't fit their local needs", please! Don't be so naive, people everywhere need a proper income to live on, it just doesn't fit the big business' needs.

It's government way of cooking the accounting numbers.

Another couple hundred thousands are unemployed! But it's better than last week 👍

I believe California, New York, and Hawaii should have had a $15 minimum wage a long time ago. The rest of the country it can go either way

Real unemployment rate is 15%.

Yes. Data definitions changed in early 2017. (Data field definitions & reporting.)

Unemployment rate at the end of the day really isn't a fully accurate picture underemployed and discouraged and part time workers would actually make the rate higher. I personally look at the labor force participation rate as more a factor than u-3

Everytime McConnell talks about who needs or does not, I flash in my mind to the incredibly generous fiscal stimulus given to the upper 1/2%. Trillions.

$600 is not generous lol

Yes.

There is only one thing that matters in terms of economy, is the Employment rate. The US with 62% in this case is far below top countries like the UK with 72% or Germany with 75%, and the top score Switzerland with 78%.

There are hiring signs absolutely everywhere. Seriously everywhere. This is really really bad. Inflation is going to go wild.

...most of the businesses are reopened after pandemic, I graduated college here, my English is fine, especially for an immigrant, I was working as a marketing assistant in Russia, I have KZfaq portfolio, at the same time I already sent 200 resumes and had 30 interviews and I can’t find even the most simple job of a waiter or dishwasher or cashier or salesman, I’m totally being discriminated because of my nationality and as far as your prime minister says Canada is a country with equal opportunities for everyone despite skin colour or nationality, I’m running out of money in 1,5 months I don’t know where else to go to deal with such unfairness towards a human being... etc, idc I return to Russia if my attempt is unsuccessful, you gotta do something coz my life is movie it’s my biopic you owe me money I can just do nothing sitting here in Novosibirsk and wait till it’s all over

Why didn't they say Nio was a competitor?

“Would you take a bullet to the head to get a minimum wage job?” “No” “Alright, he’s out of the workforce. He’s not unemployed.”

Its called lying with statistics.

All an increased minimum wage does is eliminate unskilled jobs.

There’s a couple of categories: 1. unemployed 2. Underemployed The timeframe of when they log this is as of the date you file for it. There’s a drop off after the “period” of typically 6 months then you are no longer counted in the list. It’s severely understated and creates a false impression of the economic market.

Businesses can't afford employees....contract labor or part time work dominates employment

Employers can only pay what workers are willing to work for. A price floor is sort of harmful in this aspect since the US is a big country with a variety of needs. If you live in upstate New York everything is quite expensive, if you live in rural Montana everything is pretty cheap. I don’t really think it’s right to lump them all together because differences in living costs can be pretty drastic. That being said agreeing to a fixed nominal income is the same as agreeing to be payed less year by year. It should be illegal

In the age of data, survey is used to get the number.

Let's talk about the cat instead.

I think we should tax companies that pay their workers a low wage because if their employees are eligible for low income assistance, employers should pay if they have good earnings. Welfare spending is a subsidy that benefit corporations because they pay their workers less.

They count people who are independent contracted, self employed, and doing "side-gigs" as "employed". If you take those people out the true unemployment is 31%. Then consider people who are stabley unemployed, for full 12 months of a year, and it goes up to like 43%. The reality is that "people don't work", and the fraction of gainfully employed population ends up paying handouts to them via taxation.

till this day the unemployment rate is wrong ... funny because people have no idea the unemployment system is broken

1969 uninploiment, was 4,4 % and that was a problem?

Those who aren’t looking for work aren’t counted

Federal jobs pay more than any other at the median level. 14% of the workforce is federally employed. Federal jobs offer unmatched benefits, whereas those are variable or unavailable to other workers and usually at a substantial personal cost (which reduces their overall bottom line; meaning a federal employee that makes $20 per hour takes home more than a private sector $20 per hour worker). The starting pay for federal employees is 56% higher than the 'federal' minimum wage. So the wages are better, the benefits are better, locality pay is allotted for federal jobs, but a national increase to $15/hr is undoable? If you look at the top pay for federal jobs (like lawyer or doctor), you see that federal jobs tend to pay less than one could make in the private sector, especially as a former federal employee. So the risky money is at the top, where wage workers don't and won't ever live. Ergo, political him-hawing is clearly focused on the risk of top earners earning a little less. In his 1970 book "Up The Organization", business guru Robert Townsend poses the question: "President's (CEO) Salary: Is He Really Worth $250,000?" CEO compensation has grown almost 1,000% since the late 1970s, while wage earners miserably stagnate. Greed is not a science. It's just greed.

The major cause of labor shortages is over reliance of federal unemployment benefits, which promotes laziness, factories are empty instead being filled stronger citizens, it’s filed up with illegal immigrants. In New York and other democratic states it’s worst, adult men and woman prefer to depend on unemployment benefits plus free shelter accommodation... it’s a disgrace to us economy. Why not promote benefits to us born citizen workers who have proof of 40 hours a week work to get a benefit for working, instead of promoting lazy citizens who hate the culture of work to earn a living

How I can have my federal reserve? And how people can be citizen?

Finally you guys are looking at the real economy

The real statistic is closer to 30%. At least.

introvert vs extrovert employment rate.

Next, the Bs CPI

America Back days : Everyone could get a job. America this days: hi Im looking for a job, did you someone inside? Eh nope... Fill this application and if we need someone we call you.

Of course it’s wrong. It missed much.

The federal prison system is in urgent need of people. Start salary is about $25 an hour nation wide.

u6 sounds like the real total but hey lets use u1 lmao

Florida did it .going to 15 in 5 years.1$ each year starting 2021..

Why does this video feel sped up?

$15 min wage is too high. The simple elegant answer is to go back to the historical high that the minimum wage was in 1968-69 timeframe, then adjust those dollars for inflation to get to where it needs to be or ~ $12 now. Then index the minimum wage to inflation and adjust annually according to inflation, problem solved and done.

To get the true employment rate on all levels of employment and income, you need to calculate all the data based on the entire population and not the number that is reported by the government, because those are to biased. Employment rates as well as the inflation rate have too many subjective parts built into the calculations to make those numbers accurate.

The U3 rate is worthless...report/track the U6 rate or the month to month labor force participation rate.

Well SOMEONE IS lying

Other reasons why labor force participation rate may be decreasing: 1. More young adults completing high school + pursuing college degrees (metric starts at age 16) 2. Stay at home parents (moms + dads) 3. Early retirement folks (think FIRE movement [financial independence retire early])

100 minus (number of people with jobs divided by actual population age 13 and over) = actual unemployment rate. This will take those on the streets into consideration, instead of being ignored. Amongst other ignored groups too.

What is a person supposed do when the Unemployment is failing and not sending any money out a woman without a husband taking care of her kids Bag Begging .. asking for food stamps and get into the system no I refuse to do that I work very hard to start bagging.. My children all watch me back for for taking that’s OK I don’t want them to go into the system

The government has been paying small business' payroll for almost a year now. If they stopped, the unemployment rate would go to 50%

If they keep sending me money the unemployment rate is whatever the hell they say it is.. 1% or lower of course. Perfect economy if you ask me.

The minimum wage raise isn't until 2025.

Yes, because the unemployment rate is really an unemployment benefit rate!

Why folks and not people who got the talent to do the job why just contacts (friends) that they have a job to get into the job, just why?

Ohio's minimum wage is above the federal. I think $15/hr is ambitious. I don't think my 16 year old son and 18 year old daughter are worth $15/hr with zero job experience. Please don't price our teens out of jobs.

why can't they use SS numbers so see who is working and who isn't? Because that would make SENSE!

Yeah, its another backhanded truth.

Buried in metrics. In the UK you get around £400 a month, that's it.

Who is speaking in here I need his advice and I think better make my job as a computer job, I don't work computer like president ,

Title Relevancy: 9/10 Journalistic Value Provided: 2/10

I'm sure a lot of people quit looking for work ... when they realized that they were making more money from unemployment than their actual jobs.

Honestly California’s minimum wage should sky rocket, something like $18, but I don’t believe that the federal minimum wage should be $15/ hour because as you get closer to the middle of the country the cost of living gets cut in half and if you raised the minimum wage in those areas such as the middle of bum Kansas prices would also have to rise for the extra labor cost put on companies. You can buy a mansion for $250,000 in Kansas or a shack in California. We need the money in California, the middle of the country doesn’t and it would throw off the whole point of living somewhere that has a low cost of living. It’s is impossible to have a $15/ hour minimum wage. Like the video said state have the power to raise it whenever they want and they haven’t because they know it wouldn’t positively impact their people and it would just cause prices to go up even further. California is a different story and should be it’s own country at this point.

Bitcoin is the feature investing in it now is the wesest thing to do now especially the current rise

Its never right people that runnout of benefits arent showing

My friend and dad and my brother all refuse to get a job because they are making more not working

Finally

There are plenty of jobs out there, they just aren't the get-rich jobs that people are seeking.

👍🏻👍🏻

We reward people to not work in our country... WTF you think is wrong?

Even though I have a job, I can't work my other job, because it's too dangerous, due to COVID. It's getting worse and worse, not to mention, upsetting, that those, in the GOP keep short changing the American people. It's disgusting. 🤬

Yes. When someone stops collecting unemployment they count it as the employed. Even through the worker hasn't landed a job.

hi there have you heard abou bitcion and crypto investment and mining its an investment plan for future thinkers

You can make more on unemployment... thank you Biden!

Oh dear, the reason that the unemployment rate has gone up is because more jobs have been lost than jobs created. It's simple math. Around two million people lost their jobs in June so the unemployment rate went up.

Yes it's wrong. How can more people file for unemployment, but the unemployment rate drops?

Not to deter the importance of the unemployment rate, but at 1:20. Am I the only one thinking that's a fat cat she has off in the left top corner.