Many unemployed people don't get benefits. The unemployment rate is based on people out of a job who want one.
So far, evidence indicates that people are aware of their intentions about jobs.
A lot of republicans don't, it seems. According to Gallup, nearly 40% think Donald Trump is honest.
Americans are much more likely to perceive Joe Biden than Donald Trump as being likable, and rate Biden better on honesty and caring. Trump's sole advantage is on being a strong and decisive leader.
news.gallup.com
Apples to apples. It measures something real and you can use changes in the rate to make accurate inferences about the economy. No one would bother with it, if it did not.
Sorry the unemployment rate is not accurate to the true unemployment. Besides the possible.dishonesty of people there is a lot if unemployment that is missed.
The widely cited U-3 rate doesn't accurately represent the reality of joblessness in this country, but the BLS has another metric -- called the U-6 -- that is more comprehensive and revealing, even though it's rarely mentioned by economists.
By factoring in the unemployed who have given up looking for a job (called "marginally attached" workers), as well as workers who settled for part-time employment but would rather work full-time, the U-6 rate tends to be around double the headline U-3 rate. According to the U-6 rate since September 2021, joblessness has been between 6.7% and 8.5%.
U-3 vs. U-6 vs. true rate of unemployment
Unemployment Rates (as of September) 2020
20212022
BLS U-3: Only factors in unemployed who have actively sought work in the last 4 weeks7.9%4.7%3.5%
BLS U-6: Includes some "marginally attached" and underemployed workers12.8%8.5%6.7%
LISEP ("TRU"): Includes all unemployed, including discouraged workers, as well as part-time workers who can't find full-time employment, and those earning under $20,00028.2%24%22.3%
Unemployment Statistics Are Misleading. Economic Hardship Is Much Worse
https://www.factcheck.org/2023/01/bidens-misleading-unemployment-statistic/
This is rhe last post on this for me. Because I know emoyment is better thT it was during the pandemic. We all know the pandemic took its toll. And we are recovering from that. Inflation has hit us all hard and we are all seeing the effects of that. So while employment is up from 2020 so is inflation.
And we also know the government, republicans and democrats all fudge the numbers in some fashion. They all want to look good. I think the real health of the economy is not based just on who has a job, but it's based on how well they are doing financially in comparison to inflation and taxes. I can tell you that while I'm making more money than before, it's all eaten up by inflation and taxes and then some. I actually have less money due to the cost of everything. So there's that.