This is Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at the employment rate. Mike, we hear a lot about the unemployment rate, which measures the percentage of workers without a job. But over the years you’ve talked a lot about some issues in measuring unemployment. Do we have another measure that perhaps better measures the condition of the job market?
Mike: Summary Answer
- Problem with standard unemployment rate is defining unemployment
- Must be looking for work and without work
- Rate can bounce around when folks begin looking again
- As a result, some economists say better to look at the employment rate
- % of working age (25-54) adults with a job
- Today stands at 80% – up from 75% at depths of the recession
- But not an all-time high – was at 82% in 2000
- So, suggests there are still employable people to get jobs
- I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.