Weekly unemployment filings dropped to 227,000, beating analysts' forecasts of 242,000. However, the number of Americans receiving ongoing benefits increased to 1.897 million, suggesting mixed signals in the labor market dynamics
pull down to refresh
54 sats \ 26 replies \ @Satosora 24 Oct 2024
There is so much more unemployment that what is being reported.
SO much more!
reply
30 sats \ 24 replies \ @Undisciplined 24 Oct 2024
What matters to most households is underemployment. Lots of people have some amount of income, but it's not enough to cover their recurring expenses.
Also, lots of people drop off the unemployment numbers, because they've just given up trying to find work.
There's a less manipulated figure called Labor Force Participation that just reports the share of working age people who are employed, but interpreting that has its own problems.
reply
103 sats \ 2 replies \ @Satosora 24 Oct 2024
That is also true.
But I know they realize that their numbers arent correct.
There has to be a better way of publishing this data.
Maybe by using the tax system?
They can tell who is not making the poverty line.
reply
72 sats \ 1 reply \ @GhostofTruth OP 24 Oct 2024
Good point
reply
0 sats \ 0 replies \ @Satosora 24 Oct 2024
They just dont want to publish accurate data.
Its not that hard to extract the data after they have it.
reply
54 sats \ 20 replies \ @Cje95 24 Oct 2024
Are you surprised that the data was what it was? I thought the Hurricanes would have really screwed it up and maybe this is that happening but I am not so sure. I figured we would have a spike across the board given the sheer destruction and just general chaos of the hurricanes.
reply
20 sats \ 19 replies \ @Undisciplined 24 Oct 2024
I hadn't really given it much thought. Unemployment filings require the person to be able to file. If power and internet are knocked out, you're not going to be filing for unemployment. Plus, there was probably some temporary employment in the form of disaster relief.
reply
45 sats \ 17 replies \ @Satosora 24 Oct 2024
I dont know, its not like hurricanes happen never.
They get hit every year down there.
reply
30 sats \ 16 replies \ @Undisciplined 24 Oct 2024
These were much more destructive than normal, though.
view all 16 replies
40 sats \ 0 replies \ @Cje95 24 Oct 2024
Makes sense... I remember after the destruction was clear that people on CNBC were talking about how the jobs numbers might get screwed up from it. At the same time it makes sense that the destruction was so bad that they really couldn't file
reply
0 sats \ 0 replies \ @Cje95 24 Oct 2024
Dont worry the revision after the election will "fix" that!
reply