Quick Note on Those Jobless Numbers
There’s good reason to be confused about the Labor Department’s latest unemployment figures, which showed that the nation’s jobless numbers rose by 11,000 last
Jul 31, 202027.8K Shares1.2M Views
There’s good reason to be confused about the Labor Department’s latest unemployment figures, which showed that the nation’s jobless numbersrose by 11,000 last month while the jobless ratefell 0.2 percent. Peter Morici, business professor at the University of Maryland, explains why the news of that rate decrease isn’t as good as it appears on the surface.
“Job losses at only 11,000 was good news but unemployment fell to 10 percent as much because folks left the labor force — throwing up their arms in frustration — as folks finding new work,” he wrote today. “In the household survey used to calculate the unemployment rate, 227,000 adults were added to the rolls of the employed or self-employed but the number choosing not to look for work increased 291,000.”
So those newly giving up hope of finding a job outnumbered those newly employed by roughly 64,000 last month. With that in mind, the pronounced decrease in the jobless rate is somewhat meaningless. What the government really needs is a new method of calculating unemployment.
Dexter Cooke
Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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