LIES & STATISTICS
Originally shared by VAL-U-PRO CONSULTING GROUP, LLC - SRIKANTH KIDAMBI
There is a saying,
"Lies, Damn Lies and Statistics" -
What is the real truth about unemployment and labor force?
Having dealt with data for decades, I would be hesitant to completely approve the above phrase. If we were to be thorough and upfront about reality, then numbers could do wonders. (How is it?)
With all the rosy picture about jobs, what is the truth?
- First, wages have not increased much
- Employment numbers also does not provide info on the quality of jobs created, and who is gaining from job creation
- Multiple job holders have increased from 2017 to 2018 hinting the need for multiple jobs to meet the inflation or those with resources are prospering further
- It also does not take into account those that are not in the labor force - Number not in the labor force has increased from 2017 to 2018
Please see below, and decide the reality.