[yop_poll id=”1″]
Our poll question for February is inspired by all of the press the “unemployment rate” received last week. Jim Clifton, CEO of Gallup polling service called the reported unemployment rate a “Big Lie” even before the January numbers were in, CNBC had their own angle, The New York Times was downright positive about the numbers, and Fortune magazine explained some of the lesser-known idiosyncrasies with how the number is calculated.
A quick breakdown of the discussion looks like this:
-The 5.7% unemployment rate reported by the Bureau of Labor Statistics last week, also known as the U3, is calculated by assessing how many people have no job, but are willing and able to work.
-The U1 rate (2.7%) ONLY counts people who have been unemployed for more than 15 weeks.
-The U6 rate (11.3%) reports the number of people who have a part time job, but would like to be working full time.
The Bureau of Labor Statistics actually reports six figures monthly to assess unemployment. The three listed above are the ones most commonly making headlines last week. Depending on which article you read, you will hear arguments related to which number reflects the most accurate depiction of the job market. So which one do you use? Click on our poll and tell us what you think!