Wed, 12/29/2010 - 11:04am — lambert
Oh, and George Washington makes the case that where we are now is worse than the Great Depression. Go read the whole thing; it's a sunny day, and I don't feel like it. Here's one interesting data point, citing USA Today:
Citing what it calls “an unprecedented rise” in long-term unemployment, the federal Bureau of Labor Statistics (BLS), beginning Saturday, will raise from two years to five years the upper limit on how long someone can be listed as having been jobless.
You can't normalize what you don't count!
NOTE Via Calculated Risk.
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Read the whole GW post
this morning. An excellent post it is. Highly recommended.. especially for sharing with those who don't delve into solid news/reporting.
Re the BLS extension of the
Re the BLS extension of the unemployment count, we will have to wait and see what this amounts to. The BLS undercount category, Not in Labor Force, Want a Job, is pretty unreliable looking because it only shows an increase of about 8 or 9 hundred thousand since the recession began in December 2007. My own calculations show that it increased 4 1/2 million over this time to a total currently of around 6 million.
This number like that for the undercount looks to be ancillary. That is it will not affect the U-3 (currently at 9.8%) or the U-6 (currently at 17%).
Hugh