Episode 95: Why No One Can “Steal” a Job
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The Problem With the Unemployment Rate
In 2010, the unemployment rate fell from quarter to quarter while the number of jobs didn't change. What was going on is people were giving up looking and as they gave up looking, economists stopped counting them as unemployed. So there will be times when the unemployment rate seems to indicate it's time for celebration. But as you walk around in the space of your regular life, you can look around and know that that's absolutely incorrect.
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