Another pie chart for billb to misinterpret...

[Lux Interior]

What about the difference in record keeping?

As I understand it, once you run out of unemployment benefits, you are no longer considered "unemployed", correct? Also, there must be millions of the bootstrappy, mavricky, conservative types who never applied for these benefits, right?

Just guessing here, but wouldn't these "socialist" countries keep you on the dole longer and therefore on the record books longer?

How do other countries track the unemployed? What about being underemployed (e.g. the guy with a masters degree managing a McDonalds because there are no jobs in his field)?


Interesting aside: During my exit counseling when I was being discharged from the Navy, the guy giving the training told us to immediately go and apply for unemployment benefits, because we were eligible.

[voodoopenguin]

Lux Interior wrote:
What about the difference in record keeping?

There are many ways to record these figures. I am reminded that Margaret Thatcher came to power here in the UK on the back of an advertising campaign highlighting the high unemployment at the time. (Famous advert showing a long line of people, supposedly unemployed, which turned out to be a long line of Saatchi and Saatchi employees). Within a couple of years the unemployment rate had doubled despite the fact that the Conservative government changed the way that the figures were recorded. In fact during their eighteen years the recording methods were changed seventeen times and each change resulted in a lower figure.

Paul

[Acer]

IIRC 5% is functionally full employment, as at any given point in time 5% of the workforce will be in the process of changing jobs for one reason or another in the best economies. If you get below 5%, that's actually a bad thing, as too much competition in the labor market creates salary inflation, which causes real inflation as too many dollars chase too few goods.

So, 10% is not really a big deal as long as its temporary. Unless YOU are the one of the 10%, of course.

[JoeH]

Except at this point it is 10% unemployed under the definition used as out of a job and actively seeking work. On top of that is another 8-10% of the work force listed as either discouraged job seekers or underemployed working for less pay or hours than wanted. That total figure is at the highest it has been in decades.