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Anonymous asked in Social ScienceEconomics · 2 months ago

do you believe the Federal Reserve's report that U.S. unemployment right now is only 6.2 percent? why or not?

how could it be at that level when every week we have nearly another million signing up for unemployment? has this not been going on for most of the past 12 months? why not higher unemployment figure?

6 Answers

  • 2 months ago
    Favorite Answer

    Reported unemployment numbers often don't reflect the true extent of the problem, because they only refer to those who are currently seeking a job.  They ignore those who need a job but have given up searching for one, and the many people who take a job way below their skill level just to have some type of income.

  • 2 months ago

    6.3% of the workforce is still more than 10 million people. 

    If millions of new unemployment claims are filed (and people already unemployed don't find jobs), then you will see the unemployment rate increase next month. 

  • Anonymous
    2 months ago

    The reports of the Fed are compilations of data from all 50 states.  That data is screened and evaluated dozens of other agencies, universities and banks.  It is not possible for the Fed to lie about or distort anything.  Go online and look up how they define unemployed.  You have it wrong.

  • ?
    Lv 7
    2 months ago

    It is higher than it was under 3% during the Trump‘s years. And it is higher now than the sustainable long term rate of 5%. It is worrying for many. Some have left the dollar for bitcoins.

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  • 2 months ago

    Because "unemployment" is defined as those who don't have any job AND are looking for work.  If someone has two jobs and loses one, they don't count as unemployed, because they still have the other job.  If someone knows that they won't be able to find a job, they don't count as unemployed, because they don't look for one, since they know it would be a waste of time to look.

  • Anonymous
    2 months ago

    No.  Being excluded from your highly professional teams of "workers" never made me "unemployed" in that equation.  If I want a job but they're all out of reach, I'm unemployed.

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