0 sats \ 1 reply \ @Storyteller 25 Jul 2023 \ on: Where are the people who used to work? tech
Your best chance to know this is to look at the website of labour statistics for the USA. Look at the unemployment data. You want to look at the indicators:
Total employed
Total unemployed
Total lanour force (this is total employed plus total unemployed)
Unemployment ratio (this is total unemployed /labour force).
Check these numbers for the past 10 years or even past 5 years to include Covid.
This will give you a view of what is happening at country level.
And then you can get also the picture of the states.
From country level when the unemployed decrease, this could simply mean people gave up. They abandon the labour market. They are not counted as unemployed any more.
But the still have to eat. They could be working in the informal sector. Not registered. Below minimum wage.
They could have migrated back home. For this you need to look at migration data.
To understand how they make money still you need to look at the figures about the economy. The gross domestic product will tell you if the nation is earning more or less.
Some people could have savings. Remember the USA government has given many people free paychecks. This could have been saved.
The questions you are asking are called macro economic questions. They deal with the state of the total economy.
If you are interested look at investopedia.com in the section about labour market to see how it works and about the macro economy.
Here I have looked at the statistics page of the Bureau of Labour Statistics for you for the USA government:
https://www.bls.gov/news.release/empsit.nr0.htm
On this site each month you can get an update about the labour market (the indicators I mentioned above) and also indicators like wages.
If you look for “monthly data or monthly statistics labour market USA” on that site you should be able to download Excel spreadsheets with all the data of past months since Covid or beyond Covid. You will then see the pattern.
This data is available for most countries in the world but you have to go to the statistics sites of say Spain, Portugal etc to find the data. For Europe you need to go to the European Central Bank’s statistics site or the European Statistics bureau.
USA
You will see that unemployment in USA is ridiculously low. Compared to other nations in the world. Many people are working two jobs. These could be crappy jobs that pay low. But below 5% unemployment is great.
It means that only 5 out of the people that wanted to work (labour force) is not working. The other 95 are.
But the participation rate tells another story. This says who is leaving the labour market completely. If you see participation rate dropping it means people are leaving the labour market completely.
Macro economy is awesome. Global macro economy is more awesome.
The more you understand Macro economy and global Macro economy (what is happening in regions, in countries), not only labour market, the more you will understand about why you need to stack sats!!!!
Just one example: the USA economy debt ratio (debt divided by income) is close to 129%.
And this figure will influence the unemployment rate for sure during next 10 years. You have to pay the debt back. And when you can’t pay, it will impact your economy which will go down. And that will lead unemployment rate to increase.
Sats will grow in value on the long term. That single figure deb ratio of 129% tells us that on the long run the USA economy has some bigger risks.
But that is another discussion. For another time.
So don’t be scared!!! Educate yourself on what is happening. Understand what money is and keep stacking sats and you will be good. Whatever happens on the labour market you will be good.
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