Sunday, September 6, 2009

Unemployment update

The latest numbers, fresh from the Bureau of Labor Statistics:

The unemployment rate went up to 9.7%, reversing the improvement we saw in July. To be fair, “unemployment” is somewhat difficult to measure. For one thing, the way the unemployment rate is calculated doesn’t take into account the people who are no longer looking for work. (You know, the “discouraged workers” we heard about endlessly during the Bush years.) So you could see the economy improve but the unemployment rate actually go up, because more people start looking for work.

Source of graph. Click here for Mankiw's interpretation of it.

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