TV News LIES

Saturday, May 27th

Last update05:20:13 AM GMT

You are here News Economy U.S. changes how it measures long-term unemployment

U.S. changes how it measures long-term unemployment

E-mail Print PDF

US changes measure of long term unemploymentSo many Americans have been jobless for so long that the government is changing how it records long-term unemployment. Citing what it calls "an unprecedented rise" in long-term unemployment, the federal Bureau of Labor Statistics (BLS), beginning Saturday, will raise from two years to five years the upper limit on how long someone can be listed as having been jobless.

The move could help economists better measure the severity of the nation's prolonged economic downturn.

The change is a sign that bureau officials "are afraid that a cap of two years may be 'understating the true average duration' — but they won't know by how much until they raise the upper limit," says Linda Barrington, an economist who directs the Institute for Compensation Studies at Cornell University's School of Industrial and Labor Relations.

Likening recessionary unemployment spikes in recent decades to a storm at sea, she says, "The waves are getting higher, and we want to understand the intricacies of how they're made up."

The change involves the form used for the bureau's Current Population Survey, based on interviews with thousands of the unemployed. Currently, no matter how much longer than two years someone has been out of work, the form allows interviewers to check off only "99 weeks or over." Starting next month, jobless stints of "260 weeks and over" can be selected on the response form.

"The BLS doesn't make such changes lightly," Barrington says. Stacey Standish, a bureau assistant press officer, says the two-year limit has been used for 33 years.

A two-year limit hampers economists' ability to compare this recession's effect on the job market with another severe one in the early 1980s, Barrington says.

More...


Most Recent Related Stories...


Household debt tops 2008 peak ahead of financial crisis

Household debt in US at pre crash levelU.S. household debt has topped the record level reached in 2008, a milestone for the recovery...

Commerce secretary warns Canada against 'retaliatory action' on lumber tariff

Commerce Sec. Ross warns Canda about tariffSecretary of Commerce Wilbur Ross on Saturday doubled down on the imposition of tariffs on Canadian...

In blow to Trump, GE backs NAFTA and voices support for Mexico

GE backs NAFTAGeneral Electric (GE.N) on Friday praised Mexico as a big part of its future and said...

Trump's first tariffs: Canada's lumber imports

US puts tariffs on Canadian lumberPresident Donald Trump imposed the first tariffs of his administration, up to 24.1 percent aimed at...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!