On Monday, John Droz posted an article in substack about the latest unemployment numbers.
The article notes:
Believe it or not (as this superb article explains), there are now SIX different US unemployment rates! Here are the latest (2023) government data for all six. The popularly referred to rates are 3.6% (U-3: unemployed) and 6.9% (U-6: out of work).
However, there is another large fly in the ointment: the unemployment rates (by-and-large) do not count illegal immigrants. When that number was low, it was ignored, as it was considered to be just statistical noise. Since 2020, that is no longer the case, as the current data says some six (6) million new illegal immigrants are in the US, just from the Southern border!
The article includes a spoof of Abbott and Costello’s Who’s On First routine. Here is a portion of that spoof:
COSTELLO: I want to talk about the unemployment rate in America.
ABBOTT: Good Subject. It’s 3.6%.
COSTELLO: That many people are out of work?
ABBOTT: No, that’s 6.9%.
COSTELLO: You just said 3.6%.
ABBOTT: 3.6% are unemployed.
COSTELLO: Right, 3.6% out of work.
ABBOTT: No, that’s 6.9%.
COSTELLO: Okay, so it’s 6.9% unemployed.
ABBOTT: No, that’s 3.6%.
COSTELLO: WAIT A MINUTE. Is it 3.6% or 6.9%?
ABBOTT: 3.6% are unemployed. 6.9% are out of work.
COSTELLO: But if you are out of work, you are unemployed.
ABBOTT: No, Biden said you can’t count those “Out of Work” as the unemployed. You have to be looking for work to be unemployed.
COSTELLO: BUT THEY ARE OUT OF WORK!!!
ABBOTT: No, you miss his point.
COSTELLO: What point?
ABBOTT: Someone who isn’t actively looking for work can’t be counted with those who look for work. It wouldn’t be fair.
COSTELLO: It wouldn’t be fair to whom?
ABBOTT: The unemployed.
COSTELLO: But they are ALL out of work.
ABBOTT: No, the Unemployed are actively looking for work. Those who are Out of Work gave up looking. If you give up, you are no longer in the ranks of the Unemployed.
COSTELLO: So if you’re off the Unemployment roles that would count as less Unemployment?
ABBOTT: Yes, unemployment would go down.
Follow the link above to read the rest of the spoof.
That is the reason the unemployment number is so low while so many people are out of work.