Unemployment 4.2%

[Max Sawicky]

<< The unemployment rate isn't really intended as a measure of human
deprivation; it's intended as a measure of labor market tightness, which is
what the employing class cares about. >>

Granting that UE does not measure well-being in many
important dimensions, it remains that the relation
between UE and the business cycle is a proper object
of interest for the other class.  Insofar UE is equally
erroneous with respect to the undercounts mentioned
over the business cycle, then it is still useful.

mbs