I’m skeptical of the monthly unemployment statistics released by the Bureau of Labor Statistics. The February release indicated that the nation’s unemployment rate dropped another 2/10th of a percent to 5.5 percent.
That’s 5.5 percent of exactly what?
It’s not a question of whether the glass is half empty or half full. It’s a question of the size of the glass.
The Economic Policy Institute, a Washington, D.C., based non-profit liberal think tank, identifies the concept “missing workers.” Missing workers are jobless workers who are not actively seeking work. They’re currently not reflected in the unemployment rate.
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The EPI estimates that there are currently 5.97 million missing workers in the United States. If missing workers were included in the unemployment rate, it would be an unimpressive 9 percent.
I’m wondering exactly where I fit into this statistical analysis. I’m a 60-something military retiree. I teach an occasional class at a local university and sometimes launch a job application package when I see something that interests me. Am I employed, unemployed or missing?
I’m far too old to be experiencing an identity crisis.