Freakonomics addresses how calculating the unemployment rate doesn't take into account duration, an important consideration, especially in terms of getting back to work:
A few weeks of unemployment don’t exhaust savings and don’t lead to great depreciation of skills. A year of unemployment can do both.
Scrolling down the comments - some interesting thoughts on how a lot of folks were thriving in a "service" economy when we were spending a lot of money fueled by consumer debt. Those type of people are unwilling to take lower skill jobs, despite not possessing employable skills.
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