Who's Unemployed?

Mint has this nice little satire cartoon about the intricacies of the unemployment rate.



This helps explain, first of all, how news from last week can claim a net-loss of jobs and simultaneously a net-decrease in the unemployment rate.

I took a microeconomics course right around the beginning of the crisis, and one topic that often came up for debate was whether a person was unemployed, given some specific context. Consider, if someone graduates from college but the next day don't have a job, are they unemployed? What about a month afterward? The answer is certainly a lot less straightforward than you'd think.

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