The Homa Files

… that is, when you take the 2.3 million who left the work force out of the calculation.
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Today, let’s take a 3rd whack at Biden’s economic bravado.

True, the unemployment rate is down to 3.9%.

And, that’s a big decline from the 14.7% unemployment rate during the most intense Covid lockdown period.

But, it’s still .4 percentage points higher than the 3.5% pre-Covid unemployment rate.

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And, the current unemployment rate is understated since about 2.3 million people have left the labor force … and aren’t counted in the unemployment rate calculation.

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Combining the current unemployment rate (3.9%) and the number of people who have left the workforce (2.3 million), current employment is only 149 million … about 3.6 million lower than pre-Covid employment.

Bottom line: To stay grounded when the statistical shells start moving,  total employment  is the number to focus on …

This entry was posted on January 26, 2022 at 8:30 am and is filed under Biden, Joe, Bidenomics, Economics, Employment - Jobs, Jobs - Unemployment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.