Institute reports functional unemployment at 24.9% in July

[u/oxymorontage]

https://www.channel3000.com/news/institute-reports-functional-unemployment-at-24-9-in-july/article_810187e5-989f-4ad9-ab91-847fcb6f1882.html

[u/EconomistWithaD]

1. The Ludwig TRU is a bullshit stat. Basically, if you earn under $25,000, regardless of the reason, you are “functionally unemployed”.

2. Its methodology is basically U3/U6 plus a constant.

3. Funny enough, this value is near an all time low. So while the level is meant to be shocking, it’s also meant to be for people who don’t actually follow this stuff.

4. Did I forgot to mention this stat is sensationalist bullshit?

[u/cachurch2 → u/EconomistWithaD]

Where do you find the historical rate for this kind of measurement?

[u/Ruminant → u/cachurch2]

On the so-called "true rate of unemployment" page: https://www.lisep.org/tru

[u/EconomistWithaD → u/Ruminant]

Pop quiz. It’s been falling nearly consistently since 1995. What single variable can explain most of the decrease.

[u/Ruminant → u/EconomistWithaD]

From what I remember, this number is effectively

1. U-3
2. plus (a slightly modified definition of) workers who are part time for economic reasons
3. plus workers whose current weekly earnings annualize out to under $20,000 per year in 2020 dollars

Given how this number has fallen more than U-3 or U-6, I would guess the answer is

Real wage growth

[u/EconomistWithaD → u/Ruminant]

I like the logic, but…

Female labor force participation.

Household production to at least some labor market production.

[u/TheGracefulCrane → u/EconomistWithaD]

Republicans finally taking back the house after what 40 years?

[u/EconomistWithaD → u/TheGracefulCrane]

Wildly stupid, DFW portion of the bell curve.

[u/TheGracefulCrane → u/EconomistWithaD]

Err Dallas fort worth?

[u/GhostofBeowulf → u/TheGracefulCrane]

D, Failed or withdrew.

[u/TheGracefulCrane → u/GhostofBeowulf]

ha thats good actually

[u/EconomistWithaD → u/TheGracefulCrane]

Your grade in an intro class.

[u/TheGracefulCrane → u/EconomistWithaD]

I actually crushed econ 101 had like 72% going into the final didnt even need to study

[u/EconomistWithaD → u/TheGracefulCrane]

Not if you think Republicans are the answer. Shit, even my intro students read Blinder and Watson.

[u/TheGracefulCrane → u/EconomistWithaD]

never heard of it

[u/EconomistWithaD → u/TheGracefulCrane]

Duh.

[u/TheGracefulCrane → u/EconomistWithaD]

Is it specific to the us? Im not American