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SVTPerformance's Chain of Restaurants
Road Side Pub
Jobs report beats expectations, lowest unemployment in half century
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<blockquote data-quote="Klaus" data-source="post: 15921105" data-attributes="member: 190070"><p>Unemployment is calculated off of survey data. GIGO.... </p><p><a href="https://www.bls.gov/cps/cps_htgm.htm" target="_blank">How the Government Measures Unemployment</a></p><p></p><p><span style="font-size: 12px"><strong>Where do the statistics come from?</strong></span></p><p>Early each month, the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor announces the total number of <a href="https://www.bls.gov/news.release/empsit.nr0.htm" target="_blank">employed and unemployed people</a> in the United States for the previous month, along with many characteristics about them. These figures, particularly the unemployment rate—which tells you the percentage of the labor force that is unemployed—receive wide coverage in the media.</p><p></p><p>Some people think that to get these figures on unemployment, the government uses the number of people collecting unemployment insurance (UI) benefits under state or federal government programs. But some people are still jobless when their benefits run out, and many more are not eligible at all or delay or never apply for benefits. So, quite clearly, UI information cannot be used as a source for complete information on the number of unemployed.</p><p></p><p>Other people think that the government counts every unemployed person each month. To do this, every home in the country would have to be contacted—just as in the population census every 10 years. This procedure would cost way too much and take far too long to produce the data. In addition, people would soon grow tired of having a census taker contact them every month, year after year, to ask about job-related activities.</p><p></p><p>Because unemployment insurance records relate only to people who have applied for such benefits, and since it is impractical to count every unemployed person each month, the government conducts a monthly survey called the Current Population Survey (CPS) to measure the extent of unemployment in the country. The CPS has been conducted in the United States every month since 1940, when it began as a Work Projects Administration program. In 1942, the U.S. Census Bureau took over responsibility for the CPS. The survey has been expanded and modified several times since then. In 1994, for instance, the CPS underwent a major redesign in order to computerize the interview process as well as to obtain more comprehensive and relevant information.</p><p></p><p>There are about 60,000 eligible households in the sample for this survey. This translates into approximately 110,000 individuals each month, a large sample compared to public opinion surveys, which usually cover fewer than 2,000 people. The CPS sample is selected so as to be representative of the entire population of the United States. In order to select the sample, all of the counties and independent cities in the country first are grouped into approximately 2,000 geographic areas (sampling units). The Census Bureau then designs and selects a sample of about 800 of these geographic areas to represent each state and the District of Columbia. The sample is a state-based design and reflects urban and rural areas, different types of industrial and farming areas, and the major geographic divisions of each state.</p></blockquote><p></p>
[QUOTE="Klaus, post: 15921105, member: 190070"] Unemployment is calculated off of survey data. GIGO.... [URL="https://www.bls.gov/cps/cps_htgm.htm"]How the Government Measures Unemployment[/URL] [size=3][b]Where do the statistics come from?[/b][/size] Early each month, the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor announces the total number of [URL='https://www.bls.gov/news.release/empsit.nr0.htm']employed and unemployed people[/URL] in the United States for the previous month, along with many characteristics about them. These figures, particularly the unemployment rate—which tells you the percentage of the labor force that is unemployed—receive wide coverage in the media. Some people think that to get these figures on unemployment, the government uses the number of people collecting unemployment insurance (UI) benefits under state or federal government programs. But some people are still jobless when their benefits run out, and many more are not eligible at all or delay or never apply for benefits. So, quite clearly, UI information cannot be used as a source for complete information on the number of unemployed. Other people think that the government counts every unemployed person each month. To do this, every home in the country would have to be contacted—just as in the population census every 10 years. This procedure would cost way too much and take far too long to produce the data. In addition, people would soon grow tired of having a census taker contact them every month, year after year, to ask about job-related activities. Because unemployment insurance records relate only to people who have applied for such benefits, and since it is impractical to count every unemployed person each month, the government conducts a monthly survey called the Current Population Survey (CPS) to measure the extent of unemployment in the country. The CPS has been conducted in the United States every month since 1940, when it began as a Work Projects Administration program. In 1942, the U.S. Census Bureau took over responsibility for the CPS. The survey has been expanded and modified several times since then. In 1994, for instance, the CPS underwent a major redesign in order to computerize the interview process as well as to obtain more comprehensive and relevant information. There are about 60,000 eligible households in the sample for this survey. This translates into approximately 110,000 individuals each month, a large sample compared to public opinion surveys, which usually cover fewer than 2,000 people. The CPS sample is selected so as to be representative of the entire population of the United States. In order to select the sample, all of the counties and independent cities in the country first are grouped into approximately 2,000 geographic areas (sampling units). The Census Bureau then designs and selects a sample of about 800 of these geographic areas to represent each state and the District of Columbia. The sample is a state-based design and reflects urban and rural areas, different types of industrial and farming areas, and the major geographic divisions of each state. [/QUOTE]
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Road Side Pub
Jobs report beats expectations, lowest unemployment in half century
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