There is so much more unemployment that what is being reported. SO much more!
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.
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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.
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72 sats \ 1 reply \ @TomK OP 24 Oct
Good point
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They just dont want to publish accurate data. Its not that hard to extract the data after they have it.
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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.
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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.
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I dont know, its not like hurricanes happen never. They get hit every year down there.
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These were much more destructive than normal, though.
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They live there knowing that is a risk. It has always been a risk. Just like people in the west live in a desert. People in the north live in the snow. People in the south live near the water.
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Not the mountains of North Carolina. That is why the death toll is so bad there was no evacuation order and only some lucky people received warnings at all. Most people where stuck by the time it got bad with roads washing out completely.
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I realize it isnt normal for them, but they just watched it come. Its not like the storm hit them out of nowhere.
Sure, but realized unemployment effects will be driven by realized hurricane severity.
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43 sats \ 0 replies \ @Cje95 24 Oct
RIP to Trop Roof... I wonder if they end up not replacing it and going open aired for the season and just speed up building the new stadium they are supposed to move into by 2028.
40 sats \ 0 replies \ @Cje95 24 Oct
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
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Dont worry the revision after the election will "fix" that!
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