Unemployment Viewed As An Infographic
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Unemployment Viewed As An Infographic

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Along with today’s infographic, we do have a list of articles that are more detailed — this infograph is a good place to start though!

With the economy, technology, the workforce, many things are happening all at the same time — meaning there is a huge shift coming.

Part of this shift is a reduced workforce…

And this is happening globally.

In part, we can credit smaller families for this — the Baby Boomers are a larger group, and each generation afterwards is smaller.

The results of wanting smaller families seems to be having a delayed cause-and-effect everywhere.

But a smaller family is only part of the

contribution to the current issue.

After reviewing the graph, bookmark or read any of the recommendations for a more thorough insight — simply click the link to the articles below, and when the new window opens press <Ctrl-D> on your keyboard to bookmark the page (be sure the new page is active).

Related Articles

  Why is Employer Hiring Confidence Globally Uncertain? – ManpowerGroup

  Talent Shortage, Motivation, Retention Are Top Challenges – Globally – Deloitte

  When It Comes to Economic Reports, Beware the Trojan Horse – Garrett O’Brien, The HRIS World editor

Top 12 Jobs That Require No Degree

Hidden Gem Jobs for the Unemployed or Underpaid | Brought to you by Job-Applications.com
Infographic credit: Job-Applications.com
Infographic provided by bluefirepr.com

The Real Unemployment Number?

The most widely used, and reported unemployment number (yes, there are more than one) is called teh U-3. There are some weaknesses in the U-3 as it does not account for certain events in the employment economy.

One of these events not tracked by the U-3 are those that drop out of the workforce all together – retirees, those whose unemployment benefits have

expired, those that have just stopped looking for work.

This number is called the U-6 — and though it is still not accurate, it is much more reliable than the U-3.

Why is this important?

The mathematical formula for tracking unemployment says it is, and it is quite a simple formula…

Unemployment rate = number of unemployed / total workforce

If the Total Workforce is reduced, and Those Employed remains relatively the same, then the Unemployment rate drops.

But the U-3 does not account for the changes, period-to-period, of the changes in the Total Workforce — it only accepts the ‘total workforce’ as a constant (as in mathematical terms).

And as we know, the total workforce is hardly ever a constant – mathematical

as well as real.

Hence, although there could be no new jobs (February’s new job count was not very much different than January’s), there could be 296,000 that leave the workforce altogether (like there were last month), and the unemployment rate will still drops.

NOT the best way to be providing full disclosure when reporting the unemployment figures…


Here’s what the U-6 unemployment numbers look like…

U6_1994-2013_portalseven

This is similar in shape to the U-3 but the U-6 is higher on the graph than the U-3.

The actual U-3 and U-6 precentages, from the U.S. Bureau of Labor and Statistic, are as follows…

not seasonally adjusted seasonally adjusted
Feb 12 Jan 13 Jan 13 Feb 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13
U-3 8.7 8.5 8.1 8.3 7.9 7.8 7.8 7.9 7.7
U-6 15.6 15.4 14.9 15.0 14.5 14.4 14.4 14.4 14.3

What Are Your Thoughts??

  Though the U-3 gives a prettier picture of the economy, do you believe a continued use of the U-3 is really good for everyone? Why or why not?

  Transparency is not always easiest when it comes to the economy, as we have a very large, highly volatile and moving target every hour never mind every month — do you have suggestions as to what would provide the best measure in our present, and future, economy?

  With the mobile economy arriving, many being independent consultants, and a smaller workforce in total coming to all countries, looking forward appears like what to you?

Please share your thoughts with our audience in the comments section below!


Recommended Reading for Economics

Recommended Reading for Workforce Challenges


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Author Bio and Latest Posts

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Garrett O'Brien

Garrett O'Brien

Garrett is the Chairman of the Executive and Advisory Boards for
The HRIS World Research Network


With 20+ years in roles as a client executive sponsor, project manager as well as functional / technical lead, Garrett is sought for his expertise globally.

He has been involved in large-scale and complex implementations since 1991 and has recently moved his operations to be with his wife in Brazil.

Garrett has had the pleasure of working with some of the greatest talents in the industry, and constantly shares his experiences and knowledge through content and webinars.

He has managed somehow to be fluent in Portuguese, German, French and English along the way.

When not working, you will have to be adventurous to stay up with him as Garrett loves motorcycling, gunnery, boating, sailing, flying, and sports fishing.

Garrett’s current roles…

  • Publisher, editor, writer, and owner of 6 leading HRIS system and career blogs which are read by 50,000+ monthly visitors monthly in 90+ countries, 40%+ the audience being decision-makers in their organization (and about half of that being C-levels!).
  • Serves on the HR.com Advisory Board for the CoreHR, HRIS and Payroll Community
  • Is the CEO for CGServices USA, focusing on multi-provider, multi-line implementations for HRIS systems
  • Is a Council and Education Member of Gerson Lehrman Group Council, helping institutions of the world leaders meet, engage and manage experts across a wide range of sectors and disciplines.

In the news...
HR and the Cloud

Isabella Chan of HR Matters talks to Garrett O’Brien about the growth of cloud computing and building a technology strategy around HR.


Your Invite to Contribute
 

If you'd like to provide a post, a series of posts, or even be a regular contributor to any of The HRIS World blogs, you can use our contact page or reach us through our social media for details...

You can always contact Garrett via email, social media, or by leaving a comment below...

Garrett O'Brien

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