## Current Economy in Perspective

From: "andrew cooke" <andrew@...>

Date: Sun, 15 Feb 2009 08:46:34 -0300 (CLST)

"Consider the job losses that Mr. Obama always cites. In the last year,
the U.S. economy shed 3.4 million jobs. That's a grim statistic for sure,
but represents just 2.2% of the labor force. From November 1981 to October
1982, 2.4 million jobs were lost -- fewer in number than today, but the
labor force was smaller. So 1981-82 job losses totaled 2.2% of the labor
force, the same as now.

Job losses in the Great Depression were of an entirely different
magnitude. In 1930, the economy shed 4.8% of the labor force. In 1931,
6.5%. And then in 1932, another 7.1%. Jobs were being lost at double or
triple the rate of 2008-09 or 1981-82."

http://online.wsj.com/article/SB123457303244386495.html

Andrew

### Yes but no

From: Francesco Pierfederici <fpierfed@...>

Date: Sun, 15 Feb 2009 12:03:33 -0700

The interesting thing about unemployment figures is that everybody
gives different things the same name. I believe that in The US you are
counted as unemployed if

1. You are of working age AND
2. You do not have any job AND
3. You are looking for a job.

This means that if you are underemployed, you are considered employed.
If you are without a job but not looking for one then you are not
counted in the unemployment numbers. All of this makes talking about
unemployment pretty confusing.

For reference, see
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS14000000

Cheers,
Francesco

### Yes but no

From: "andrew cooke" <andrew@...>

Date: Sun, 15 Feb 2009 16:50:20 -0300 (CLST)

---------------------------- Original Message ----------------------------
From:    "Francesco Pierfederici" <fpierfed@...>
Date:    Sun, February 15, 2009 4:03 pm
--------------------------------------------------------------------------

The interesting thing about unemployment figures is that everybody
gives different things the same name. I believe that in The US you are
counted as unemployed if

1. You are of working age AND
2. You do not have any job AND
3. You are looking for a job.

This means that if you are underemployed, you are considered employed.
If you are without a job but not looking for one then you are not
counted in the unemployment numbers. All of this makes talking about
unemployment pretty confusing.

For reference, see
http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS14000000

Cheers,
Francesco