Episode 95: Why No One Can “Steal” a Job
Words & Numbers
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The Imperfect Measure of the Unemployment Rate
When we talk about the unemployment rate, what we mean is what fraction of people who either hold jobs or are actively looking for jobs don't have jobs. And that number right now is about 4%. Yeah, and that's probably chronically low, right? That probably underestimates things quite significantly. There's all kinds of problems with measuring that thing well.
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