54 sats \ 26 replies \ @Satosora 24 Oct \ on: US Labor Market With Mixed Data econ
There is so much more unemployment that what is being reported.
SO much more!
What matters to most households is underemployment. Lots of people have some amount of income, but it's not enough to cover their recurring expenses.
Also, lots of people drop off the unemployment numbers, because they've just given up trying to find work.
There's a less manipulated figure called Labor Force Participation that just reports the share of working age people who are employed, but interpreting that has its own problems.
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Are you surprised that the data was what it was? I thought the Hurricanes would have really screwed it up and maybe this is that happening but I am not so sure. I figured we would have a spike across the board given the sheer destruction and just general chaos of the hurricanes.
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I hadn't really given it much thought. Unemployment filings require the person to be able to file. If power and internet are knocked out, you're not going to be filing for unemployment. Plus, there was probably some temporary employment in the form of disaster relief.
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I dont know, its not like hurricanes happen never.
They get hit every year down there.
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These were much more destructive than normal, though.
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They live there knowing that is a risk.
It has always been a risk.
Just like people in the west live in a desert.
People in the north live in the snow.
People in the south live near the water.
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Not the mountains of North Carolina. That is why the death toll is so bad there was no evacuation order and only some lucky people received warnings at all. Most people where stuck by the time it got bad with roads washing out completely.
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I realize it isnt normal for them, but they just watched it come.
Its not like the storm hit them out of nowhere.
Sure, but realized unemployment effects will be driven by realized hurricane severity.
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