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04-08-2017, 11:41 AM
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Quote:
Originally Posted by bobabode
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How do they figure this number? Is it actual new jobs added to the economy, or is it a reduction in the number of people looking for a job? Maybe a mix?
I don't know, obviously. I was just wondering if the retireing baby boomers leaving the work force had anything to do with that number?
https://6thfloor.blogs.nytimes.com/2...ly-calculated/
that link is a quick snipet of info, not at all conclusive
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Last edited by JCricket; 04-08-2017 at 11:44 AM.
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04-08-2017, 11:46 AM
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Quote:
Originally Posted by JCricket
How do they figure this number? Is it actual new jobs added to the economy, or is it a reduction in the number of people looking for a job? Maybe a mix?
I don't know, obviously. I was just wondering if the retireing baby boomers leaving the work force had anything to do with that number?
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People entering and leaving workforce has to do with the unemployment rate. All that has nothing direct to do with the jobs number, which is basically 'additional hires - layoffs.'
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04-08-2017, 11:51 AM
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Quote:
Originally Posted by donquixote99
People entering and leaving workforce has to do with the unemployment rate. All that has nothing direct to do with the jobs number, which is basically 'additional hires - layoffs.'
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Actually, that should be how it is. However, it looks to me like the BLS uses unemployment as compared to previous months, as one of the primary tools for the report. That would be fine, but it does not take into account the boomers retiring. Maybe in another part of their equation the compensate for it. However, so far I have not been able to find anything reference that piece of the puzzle.
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Instead of a debate, how about a discussion? I want to learn, I don't care about winning.
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04-08-2017, 01:54 PM
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Quote:
Originally Posted by JCricket
Actually, that should be how it is. However, it looks to me like the BLS uses unemployment as compared to previous months, as one of the primary tools for the report. That would be fine, but it does not take into account the boomers retiring. Maybe in another part of their equation the compensate for it. However, so far I have not been able to find anything reference that piece of the puzzle.
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New one on me. I thought they had a sampling of employers they got reports from, and extrapolated from that to the whole economy. Trust these guys to get more complicated about it....
In any case, unemployment rate, again, is supposed to be survey based, like this:
1. Do you have work?
2. If not, are you looking for work?
You add up the 'yeses' from above, then divide that total into the 'yeses' for 2., and that's the unemployment rate. Retired people say 'no' to 2., and so aren't in it.
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Last edited by donquixote99; 04-08-2017 at 02:00 PM.
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04-08-2017, 04:13 PM
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Senior Member
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Join Date: Nov 2009
Location: colorado
Posts: 1,595
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Quote:
Originally Posted by donquixote99
New one on me. I thought they had a sampling of employers they got reports from, and extrapolated from that to the whole economy. Trust these guys to get more complicated about it....
In any case, unemployment rate, again, is supposed to be survey based, like this:
1. Do you have work?
2. If not, are you looking for work?
You add up the 'yeses' from above, then divide that total into the 'yeses' for 2., and that's the unemployment rate. Retired people say 'no' to 2., and so aren't in it.
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Agreed, but if a person retires and then an unemployed person gets that job, is it a new job? No. But it affected the unemployment rate so it affects the monthly job report.
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