The Unemployment Rate is SO Misleading
From The Bottom Violation
It’s the duration, stupid.
Even if it weren’t a lie, just look at that vertical line…
1. The “unemployment rate” is a lie. It’s much higher than the government wants you to believe.
2. Even if it weren’t a lie, a 10% unemployment rate does not mean that the job market is 90% hot. Employment is absolutely frozen.
3. Unemployment has a much more dangerous dimension: duration. Have a closer look at the chart above.
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