>
> Unemployment rates usually only count those looking for jobs. The disabled,
> mentally ill, etc. do not usually look for work.
This is partially true. The US employment data incorporates a "fudge
factor" for those not filing claims. The exact number used in this
calculation does vary based on "political adjustment", but is generally in
the 3% region.
When the media reports that unemployment rate is down in one particular week
because it snowed in New York, this is patently absurd. The calculations are
based on actual claims as well as sample data used to level out the
outliers. This is also why you must look at the rolling averages, not any
one week's report.
Regarding those who "give up" searching and filing, well, then it becomes an
issue of "household" calculation. If, for example, a household has too
employable people. One is working, the other not. If the one not employed
"gives up" searching and filing, is the person out on the street? The
household is "underemployed", yes, "unemployed", no. If a person chooses to
no longer search and file, then they have effectively removed themselves
from the employment pool.
AG
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