victrola
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Unemployment Definitions

Thu Aug 18, 2011 6:42 pm

Listening to the news I am always confused about certain terms used to describe unemployment. For example, this week I heard that "first time unemployment claims" jumped to 400,000 last week. What does this mean? Does it mean that 400,000 people lost jobs last week? This definition doesn't seem correct. Does anyone have an explanation?

Also, how do they actually calculate unemployment? Often we hear that unemployment dropped because people became discouraged and dropped out of the job market. How do we know who became discouraged and stopped job hunting?
 
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Zkpilot
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RE: Unemployment Definitions

Thu Aug 18, 2011 7:24 pm

Quoting victrola (Thread starter):
I heard that "first time unemployment claims" jumped to 400,000 last week. What does this mean?

It is people newly claiming for unemployment payments. It can suggest that a rise in overall unemployment is imminent. It does not necessarily mean that overall unemployment is higher as there may have been a lot of people hired at the same time.

Here is a govt link that explains unemployment etc:
http://www.bls.gov/cps/cps_htgm.htm
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jcs17
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RE: Unemployment Definitions

Fri Aug 19, 2011 6:58 am

There is also an unemployment statistic called underemployment which means people who have part-time jobs but want to work full-time. Usually, this is at 8-9%, but today it's at 17-19%. Barack Hussein Obama.... mmm... mmm....mmm.
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Superfly
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RE: Unemployment Definitions

Fri Aug 19, 2011 7:44 am

Quoting victrola (Thread starter):
I heard that "first time unemployment claims" jumped to 400,000 last week. What does this mean?

Unemployment in the United States is measured by the amount of people that are receiving unemployment insurance benefits. There are many that do not even qualify for unemployment. Often times contractors, commission sales and self-employed people don't receive unemployment benefits. If a person is fired for screwing up badly or doing something illegal, they won’t receive unemployment either.
Some employers can be very vindictive and contest unemployment insurance. Some people won’t even bother to file a claim. So if claims jump by 400,000, the real number could very well be 700,000 to 800,000 more people out of work.

Quoting victrola (Thread starter):
Often we hear that unemployment dropped because people became discouraged and dropped out of the job market. How do we know who became discouraged and stopped job hunting?

I find that annoying when the press makes these claims. What happens is that person's benefits run out.
That person could very well still be looking for work but there is no way to measure if a person is searching once their unemployment insurance runs out.
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fr8mech
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RE: Unemployment Definitions

Fri Aug 19, 2011 12:04 pm

Quoting Superfly (Reply 3):
Some employers can be very vindictive and contest unemployment insurance.

It's not vindictive. If someone is terminated for cause, why should they be entitled to insurance that the employer paid?

Quoting victrola (Thread starter):
first time unemployment claims"

It's just what it says: this is the first week these people have sought unemployment benefits.

Quoting victrola (Thread starter):
Also, how do they actually calculate unemployment?

Simply:

Unemployment rate=unemployed/total labor force

As you can see, this is a moving and subjective number. Who is in the labor force? Who should be in the labor force? The link provided in reply 1 provides the answer to how the US determines some of the numbers.

Quoting Superfly (Reply 3):
I find that annoying when the press makes these claims.

I too am annoyed by that. For the same reason.
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Superfly
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RE: Unemployment Definitions

Fri Aug 19, 2011 12:47 pm

Some employers are shady and intimidate workers they don't like and force them in to quitting and even give them a hard time after they've been let go by contesting unemployment benefits. I've seen this happen before.
Often times the employee feels that they aren't going to win and don't even bother applying. The appeals process can take up to 6 months.

Quoting fr8mech (Reply 4):
Unemployment rate=unemployed/total labor force

Not really. Those whose benefits have run out aren't part of the work force and are no longer receiving unemployment. They are out of the system. It's as if they're invisible.
Bring back the Concorde
 
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fr8mech
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RE: Unemployment Definitions

Fri Aug 19, 2011 1:36 pm

Quoting Superfly (Reply 5):
Not really. Those whose benefits have run out aren't part of the work force and are no longer receiving unemployment. They are out of the system. It's as if they're invisible.

You're right, but this is the definition used.
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Unless it's expressly prohibited, it's allowed.
You are not entitled to a public safe space.
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