The Truth About The Latest Jobs Report And Productivity
Channel: The Nomad Economist
Date: 08/04/2021

The Truth About The Latest Jobs Report And Productivity
The Jobs report published last Friday blew through expectations with payrolls booming. Indications are that 916,000 jobs were added in March. Non-farm payrolls show America has now added back nearly 14 million workers into the workforce. This constitutes about 62 percent, of the 22 million jobs lost in the spring of 2020 when COVID-19 and lock-downs shuttered businesses across the country. This has dropped the unemployment rate back to 6%. The goal of this video is to get people to think about productivity and how it relates to unemployment.


As noted so often the official unemployment rate of 6.0% is somewhat misleading. It does not count the people who want a job but gave up or all the people with part-time jobs that want a full-time job. It also ignores all the people who dropped off the rolls because their unemployment benefits ran out. To get a clearer picture of the unemployment rate many people look at what is known as the U-6 number which stands at 10.7%. Both numbers would be much higher if not for the millions of workers that have simply dropped out of the labor force for a slew of different reasons.


For the full transcript go to Bruce Wilds/AdvancingTime Blog https://brucewilds.blogspot.com/
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