U-X/ SGS (Shadow Government Statistics) Alternative – 25.4%* (Actual: 28.4%+)
U-6 – 9.6%* (Actual: 12.6%+)
U-5 – 6.8%* (Actual: 9.8%+)
U-3 (Officially recognized rate of unemployment) – 5.4%* (Actual: 8.4%+)
* NOTE: - The statistical accuracy of this metric is open to interpretation, as the Bureau of Labor Statistics (BLS) acknowledged the presence of computational irregularities in the May 2020 rate of unemployment’s calculation (Link 1, Link 2). The errors documented in that month’s report – a miscalculation contributing to a 3% disparity in the agency’s official estimate and the actual figures associated with the metric’s initial tabulation – were also present in the April release and have yet to be formally addressed by the agency with both the BLS and U.S. Census Bureau having issued the following proclamations:
“BLS and Census Bureau are investigating why this misclassification error continues to occur and are taking additional steps to address this issue.”
“According to usual practice, the data from the household survey are accepted as recorded. To maintain data integrity, no ad hoc actions are taken to reclassify survey responses.”
Proof of Conspiracy? In yet another attempt to fan the flames of an illusory left-right dichotomy, Howard Dean, the former Chairman of the Democratic National Committee, boldly proclaimed that the ineptitude of the BLS in the manufacture of information relevant to the actual scope of joblessness in the United States was born of a concerted effort by the Trump Administration to somehow downplay its severity by manipulating the aforementioned institution’s findings (Link).
U-1: Percentage of labor force experiencing a period of unemployment in excess of 15 weeks
U-2: Percentage of labor force who experienced job loss or were relegated to temporary work
U-3: Officially recognized rate of unemployment as characterized by the ILO (International Labour Organization), attains a measure of precedence when individuals without gainful employment actively seek occupational opportunities in four week intervals
U-4: U-3 + ‘discouraged workers,’ or those who have actively abstained from seeking viable employment opportunities due to a heightened incidence of economic volatility whereby the occupational prospectus is adversely impacted
U-5: U-4 + other ‘marginally attached workers,’ or ‘loosely attached’ labor contingents, also inclusive of individuals who ‘would like’ to work, yet have failed to garner viable employment in recent weeks
U-6: U-5 + part-time labor force contingents desiring full-time employability who have been adversely affected by economic volatility and/ or market instability
U-X/ SGS (Shadow Government Statistics) Alternative: A seasonally adjusted metric/ numerical index inclusive of U-6 unemployment assignation and long-term discouraged labor contingents - phased out of the cumulative statistical aggregate through the revision of CPS (Current Population Survey) policy in 1994 by the Clinton Administration
Full Employment - Exists in demand-based theory via abolitionist policies coinciding with the incidence of cyclical unemployment through increases in aggregate demand for products and prospective employees within their correspondent industries. Its mathematical equivalency as defined by the BLS (Bureau of Labor Statistics) corresponding to the set range percentile of 4.5-5.5%.
Classical/ Real-Wage Unemployment - Occurs when actual wages relative to delegated labor/ viable employment exceed market-clearing level, causing the number of prospective applicants to surpass available positions within the prevailing workforce dynamic.
Cyclical/ Keynesian Unemployment - Alternatively colloquialized as deficient-demand unemployment, this formative classification attains precedence when the demand for goods and services diminishes, thereby serving to compromise production levels. Such incidences serve to yield marked deficiencies in viable employment opportunities and the overall occupational prospectus.
Frictional Unemployment - Exists as a function of chronological time sequence representative of diminished occupational prospectus in correlation with periods of market instability.
Hidden Unemployment - Hidden or covered occupational deficiencies serve as a reflection of the unemployment of prospective workers irrespective of the official statistical aggregate, oftentimes predicated on the incidence of diminished opportunity through corporate level expansion and merger.
Involuntary Unemployment - Assumes precedence when the opportunities relevant to prospective employment are effectively exhausted through surreptitious legislative mandate by corporate interests within the Federal Government.
Marxist Theory of Unemployment - A theory espoused by Karl Marx which states that unemployment is an inherent consequence of the fundamentally unstable capitalist market system whereby occupational deficiencies are magnified through a series of corporately contrived legislative policies. It is the principal function of the proletariat (A term synonymous with caste-oriented nomenclature, the designation of which is recognized as the principal referent for individuals comprising the lowest social order - commonly referred to as the working class in socio-economic curricula) within the capitalist economic exemplar to provide a “reserve army of labor” (The utilization of the army cognomen referencing a conscripted or regimental hierarchical infrastructure under the command/ authority of individuals possessing the greatest degree of proprietary influence in the accumulation of capital assets in industrial, corporate, or aggregate settings) that facilitates a tendency of descent relative to monetary remuneration/ earned wages.
Structural Unemployment - Attains a measure of precedence in correlation with preexistent incongruities or divergences in the aspect ratios governing demand within the labor force and the geographical variances of locality of prospective employees actively seeking viable occupational opportunities.
Technological Unemployment - Exists as a functional extension of structural unemployment through processes of technological advancement via scientific innovation. Occurs when both the marketable skills of prospective employees, and viable opportunities relevant to the preexistent occupational manifest, are systematically eliminated as the direct consequence of a perceived - oftentimes engineered – obsolescence in the industrial setting.
Long-Term Unemployment - Actively integrated into the calculation of unemployment rate analytics in the European Union, its factorization predicated on a condition of joblessness in excess of one year. In the United States, this statistical measure is contingent on the absence of viable employment opportunities for periods in excess of 27 weeks.
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