88 million no longer in work force presents dire warning

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HisDivineMajesty
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03 May 2012, 9:34 am

The official unemployment rate where I live is supposedly 4.9% and rising. However, people who aren't looking for employment anymore are not counted, and there are plenty of those. Not added either is that the labour market is completely out of balance. Apparently, there is demand for people in technical jobs and in low-paid blue collar jobs, but higher education produces a lot of people with a degree in art, law, sociology or psychology (fields that want to introduce a cap on the number of students admitted each year). These people, if they can attain non-flexible employment, aren't paid that much. Professional jurists in large companies aren't paid that much more than policemen.



ruveyn
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03 May 2012, 10:03 am

Feralucce wrote:
I don't think that it does... retirees are not normally considered for those statistics as they are considered "retired" and not unemployed


People no longer seeking employment are not counted as unemployed.

That is why our "unemployment" statistics are dicey. Discouraged folks who have given up trying to get work are not counted. As a rule of thumb you double the "official" unemployment percentages to get a more true number.

ruveyn



Oldout
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04 May 2012, 9:34 am

I agree ruveyn, but on the other hand those working parttime are not couonted as unemployed even though they would like or need to work fulltime. Another category which is never accurately reported are the "underemployed."