>I've always thought the best way to measure changes in unemployment is
>to create an index based of the percentage of working-aged people
>without jobs. It wouldn't measure "labor-market tightness" but it would
>measure something close to what we think of as "labor-market
>well-being."
Or in other words, 100% less the employment/population ratio. By that measure, the U.S. working class is a lot better off than the Western European working class. Would you want to make that argument?
Doug