Comment Re:yah this is bs (Score 1) 45
Agreed. There's deliberate undercounting for the long-term unemployed, and a failure to account for the fact that firing seasoned workers with acquired skills isn't the same as hiring inexperienced yoofs who have no meaningful experience in producing robust, high quality products. Although, to be fair, corporations don't seem keen on producing those.
However, there's another factor to consider. The number of retirees is smaller than the number of people entering work for the first time. Due to Covid, a LOT smaller than usual. This means that the markets are expanding. If the markets are expanding but the numer of people being added is only keeping pace with job circulation and retirement, then the job market (as a percentage of those who can work) must be smaller relative to both the markets and the work that needs to be done.
This is the most misleading part of employment statistics. Whilst total unemployment is important (but only useful if not deliberately undercounted), you also need to know the employment:activity ratio and the employment:expected employment in a fully functional market of that size ratio.