Showing posts with label Labour force. Show all posts
Showing posts with label Labour force. Show all posts

Wednesday, June 30, 2010

Why You Should Add 3% To The Unemployment Rate


Simply because the labour force number of 2007 as pictured above is only 500 persons stronger than the preceding year. The only two things that could explain such a small increment -- about 20 times less than the usual change -- would be an emigration of about 10,000 people in that particular year. I checked but didn't find anything. Or it could be the result of a kink in our population pyramid. Nothing there either.

And when you adjust the numbers you get a labour force that's about 20,000 larger in the last three years than the official statistics. That translates into an unemployment rate of 10.8% at the end of 2009 instead of the 7.7%.