Current Unemployment Statistics are the percentage of the population registered with the unemployment office and actively looking for work. These statistics do not include those who have been unemployed for a certain length of time. (I dont remember the exact length of time- maybe someone else on the list does- I think it was something like 3 months) It does not include those who have never worked or are otherwise outside the 'workforce'. It also does not include 'illegal' immigrants and others who do not work in the 'legal' economy, such as those who had been working 'under-the-table' jobs. Another thing that is not counted is underemployment.
While those who working part time jobs or jobs that otherwise pay less than what their previous jobs paid do get a paycheck, it is often insufficient to meet their needs. Underemployed is probably the largest group that is uncounted in the current statistics.
At this point, even if you accounted for those differences you would not be approaching the unemployment during that period and I dont feel that cross comparing is very helpful in understanding the current conditions. Even if we do reach the point that we have a depression instead of a recession, the differences in the conditions are greater than any similarities.
-----Original Message-----
Hi,
Can anybody give me a concise comparison between how unemployment was measured in the 1930s vs. today? For example, in the early 30s, 13 million Americans were unemployed or almost 25% of the population (of those eligible for work). Today, that figure is around 8 million and the unemployment rate hovers under 6%. Beyond the actual numbers, does anyone have more color on comparing the situations then and now?
Thanks, Nomi