Each month, the Bureau of Labor Statistics of the U.S. Department of Labor announces the total number of employed and unemployed people in the United States for the previous month. So just how do they find these numbers?
Some people think the Government gets unemployment figures by using the number of persons filing claims for unemployment insurance benefits. But some people are still jobless when their benefits run out, and many more are not eligible, delay or never apply for benefits. So unemployment insurance information is not used. The reality is the Government does not count every unemployed person each month.
Their brilliant way to determine this number is to take a survey of only about 60,000 households, or approximately 110,000 individuals. This survey is called the Current Population Survey (CPS) which has been conducted in the United States every month since 1940.
So the unemployment rate is not an actual figure; just a guess. It is a flawed estimate which does not really reflect true unemployment. So in reality these numbers are bogus but yet, they affect unemployment benefits for individuals, political rhetoric and influence investors and the stock market. (The stock market itself is only a myth, the biggest Ponzi scheme on the planet. But, that’s a discussion left for another day.)
One reason the unemployment rate has recently fallen lower is that fewer people who are out of work are actually looking for employment. Those out of work aren’t counted as unemployed unless they’re actively seeking a job. How accurate can that number be?
Many have given up looking for work because jobs aren’t available, they are not high-paying enough and the whole job-seeking process is frustrating and unfair. If you are, or have been unemployed recently you know what I mean.
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