'Unemployment numbers are in', by Abbott and Costello

[dogboy]

This appeared in Jim Sinclair's site : A little attempt at humor ( either that or cry)

In The News Today
February 4, 2012, at 4:49 pm
by Jim Sinclair in the category In The News |

Jim Sinclair's Commentary

Employment statistics as taught by the two revered classical economists, Abbott and Costello. Courtesy of CIGA Lew

COSTELLO: I want to talk about the unemployment rate in America.
ABBOTT: Good Subject. Terrible Times. It's 8.3%.
COSTELLO: That many people are out of work?
ABBOTT: No, that's 16%.
COSTELLO: You just said 8.3%.
ABBOTT: 8.3% Unemployed.
COSTELLO: Right 8.3% out of work.
ABBOTT: No, that's 16%.
COSTELLO: Okay, so it's 16% unemployed.
ABBOTT: No, that's 8.3%...
COSTELLO: WAIT A MINUTE. Is it 8.3% or 16%?
ABBOTT: 8.3% are unemployed. 16% are out of work.
COSTELLO: IF you are out of work you are unemployed.
ABBOTT: No, you can't count the "Out of Work" as the unemployed. You have to look for work to be unemployed.
COSTELLO: BUT THEY ARE OUT OF WORK!!!
ABBOTT: No, you miss my point.
COSTELLO: What point?
ABBOTT: Someone who doesn't look for work, can't be counted with those who look for work. It wouldn't be fair.
COSTELLO: To who?
ABBOTT: The unemployed.
COSTELLO: But they are ALL out of work.
ABBOTT: No, the unemployed are actively looking for work... Those who are out of work stopped looking.
They gave up and if you give up, you are no longer in the ranks of the unemployed.
COSTELLO: So if you're off the unemployment rolls, that would count as less unemployment?
ABBOTT: Unemployment would go down. Absolutely!
COSTELLO: The unemployment just goes down because you don't look for work?
ABBOTT: Absolutely it goes down. That's how you get to 8.3%. Otherwise it would be 16%. You don't want to read about 16% unemployment do ya?
COSTELLO: That would be frightening.
ABBOTT: Absolutely.
COSTELLO: Wait, I got a question for you. That means there are two ways to bring down the unemployment number?
ABBOTT: Two ways is correct.
COSTELLO: Unemployment can go down if someone gets a job?
ABBOTT: Correct.
COSTELLO: And unemployment can also go down if you stop looking for a job?
ABBOTT: Bingo.
COSTELLO: So there are two ways to bring unemployment down, and the easier of the two is to just stop looking for work.
ABBOTT: Now you're thinking like an economist.
COSTELLO: I don't even know what the hell I just said!
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[rcjordan]

Much Ado About (Relatively Speaking) Nothing

http://research.stlouisfed.org/fred2/series/EMRATIO

-OR-

We've Been Down So Long, The Bottom Looks Like Up From Here.

<added>
Department of Labor's Employment Projections: 2010-2020 Summary
http://www.bls.gov/news.release/ecopro.nr0.htm

If you want to work in a nursing home, things are looking up.

[dogboy]

>http://research.stlouisfed.org/fred2/series/EMRATIO
...oh, well it doesn't look that bad at all! Lot's of possibility for meaningful growth there:)

>nursing home
Yeah. Baby Boomers. A mega-trend. worthy of it's own thread...