Jobenomics tracks both unemployment (Jobenomics Unemployment Scoreboard: Q1 2015) and employment (Jobenomics Employment Scoreboard: Q1 2015).
Download PDF versions:
Jobenomics Employment Report – Q1 2015 &
Jobenomics Unemployment Report – Q1 2015.Executive Summary US labor force has three statistical categories:
Employed, Unemployed and Not-in-Labor Force.
Understanding dynamics between these categories is needed to understand the current American unemployment situation.
Too much attention is placed on the official unemployment rate—a rate that is seriously flawed and politicized. Sooner or later, the American people will figure out that it is theoretically possible for the US to have a zero rate of unemployment while simultaneously having zero people employed in the labor force. From a Jobenomics perspective, the true unemployment rate is much higher than advertised.
Understanding Employment and Unemployment Statistics. According to
US Bureau of Labor Statistics (BLS
), the basic concepts involved in identifying the employed and unemployed are quite simple:
People with jobs are Employed.
People who are jobless, looking for jobs, and available for work are Unemployed.
Those who are marginally employed, and looking for jobs, are deemed underemployed.
The underemployed are reported as a subset of the Unemployed category.
People who are neither employed nor unemployed are not in the labor force.
Those who have no job and are not looking for a job are counted in the
BLS’ Not-in-Labor-Force
When a discouraged worker stops looking for work, that person is no longer considered unemployed by the BLS, they are moved into the NiLF category.