The Unemployment Rate Dramatically Overstates the Strength of the Economy
On Friday, the BLS will update the unemployment rate. It will be a distortion of reality.
People Gave Up Looking
Pre-Covid, the labor force force was 164,516,000.
Despite the recovery, the labor force is only up to 160,867,000.
That's a decline of 3,649,000 people. Realistically, unemployment is understated by at least that amount.
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Civilian Labor Force 1998-Present
Because of the way the BLS carefully constructs its questions, those people are not considered unemployed even if they still want a job.
The unemployment rate was distorted enough pre-Covid. Now it's even worse.
Mish