| There are multiple levels of unemployment U1-U6, they go from the most liberal to the most conservative view unemployment. Ultimately the absolute number doesnt matter that much, it is the trends. The "official" number is the U3, but if you prefer to use the U6 you can. No one is lying about unemployment. U1:[47] Percentage of labor force unemployed 15 weeks or longer. U2: Percentage of labor force who lost jobs or completed temporary work. U3: Official unemployment rate per the ILO definition occurs when people are without jobs and they have actively looked for work within the past four weeks.[48] U4: U3 + "discouraged workers", or those who have stopped looking for work because current economic conditions make them believe that no work is available for them. U5: U4 + other "marginally attached workers", or "loosely attached workers", or those who "would like" and are able to work, but have not looked for work recently. U6: U5 + Part-time workers who want to work full-time, but cannot due to economic reasons (underemployment). You could even consider the labor participation rate as an unemployment number. That would include retired people, the wealthy that don't need to work, stay at home moms etc. |
Yet, you will never ever hear these stats on TV or from Trump. It is solely just screaming about "RECORD LOW UNEMPLOYMENT", when it is anything but a healthy employment situation.