Episode 14: You Can't Trust Employment Statistics
Words & Numbers
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The Definition of Unemployment
The unemployment rate cannot go down simultaneous with jobs going down in a population that is remaining constant or growing. A lot of Americans fall into the third category, it's what economists call non-employed. These are people who actually do want jobs, but they've given up the search because they figure it's fruitless. We have a name for this: discouraged workers.
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