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Their methodology certainly puts things in a different perspective.
It's U6 on Human Growth Hormone.
I've never seen the full methodology that John Williams uses and am curious where it overlaps with this.
http://cwcs.ysu.edu/resources/cwcs-projects/defacto
Definitions:
Officially Unemployed- Persons who worked less than one hour during the nationally determined reference period (one week), looked for during this period, and were available for work during this period.
Latent Job Candidates
Underemployed -Persons who would like to work full-time but are not able to do so for economic reasons such as unavailability of full-time work or reduced demand for hours by current employer
Excess disability - Persons who are excluded from labor force because of sick leave or early retirement
Government Programs - Persons receiving government subsidized or government provided programs. For example, low wage workers receiving Earned Income Tax Credits
Prison and Jail Populations - Persons not in labor force because of incarceration.
Other Issues - These estimates may be low given what has happened in the economy and the lack of current data other than that of the Bureau of Labor Statistics. For example, individuals going to colleges and universities have increased dramatically during the current recession/regional depression but are not counted as part of labor market. Also, military and prison/jail estimates are total numbers as there are vast differences in opinon over what constitutes a standing army or expected number of inmates. For our purposes, the use of the total number of service men and inmates represents individuals not in the labor market.
New News: There are large numbers of people that have unexpectedly filed for Social Security before they have reached early retirement. Most have given up looking for work and are not counted as part of the unemployed.
It's U6 on Human Growth Hormone.
I've never seen the full methodology that John Williams uses and am curious where it overlaps with this.
http://cwcs.ysu.edu/resources/cwcs-projects/defacto
Definitions:
Officially Unemployed- Persons who worked less than one hour during the nationally determined reference period (one week), looked for during this period, and were available for work during this period.
Latent Job Candidates
- Marginally attached workers - Persons not in the labor force who want and are available for work and who have looked for a job sometime in prior 12 months (or since the end of their last job if they held one within the past 12 months), but were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.
- Discouraged workers - Persons not is labor force who want are available for a job and who have looked for work sometime in the past 12 months (or since the end of their last job if they held one within the past 12 months)
Underemployed -Persons who would like to work full-time but are not able to do so for economic reasons such as unavailability of full-time work or reduced demand for hours by current employer
Excess disability - Persons who are excluded from labor force because of sick leave or early retirement
Government Programs - Persons receiving government subsidized or government provided programs. For example, low wage workers receiving Earned Income Tax Credits
Prison and Jail Populations - Persons not in labor force because of incarceration.
Other Issues - These estimates may be low given what has happened in the economy and the lack of current data other than that of the Bureau of Labor Statistics. For example, individuals going to colleges and universities have increased dramatically during the current recession/regional depression but are not counted as part of labor market. Also, military and prison/jail estimates are total numbers as there are vast differences in opinon over what constitutes a standing army or expected number of inmates. For our purposes, the use of the total number of service men and inmates represents individuals not in the labor market.
New News: There are large numbers of people that have unexpectedly filed for Social Security before they have reached early retirement. Most have given up looking for work and are not counted as part of the unemployed.
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