{"id":4506,"date":"2023-02-24T14:54:27","date_gmt":"2023-02-24T20:54:27","guid":{"rendered":"https:\/\/www.employco.com\/blog\/?p=4506"},"modified":"2023-02-24T14:54:27","modified_gmt":"2023-02-24T20:54:27","slug":"the-sad-truth-about-our-record-low-unemployment-rate","status":"publish","type":"post","link":"https:\/\/www.employco.com\/blog\/2023\/02\/24\/the-sad-truth-about-our-record-low-unemployment-rate\/","title":{"rendered":"The Sad Truth about Our \u201cRecord-Low\u201d Unemployment Rate"},"content":{"rendered":"<p><em>Employment trends expert offers an enlightening viewpoint of our national employment rate\u00a0 <\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/www.employco.com\/images\/Blog\/Blog_Unemployment_Newspaper.png\" alt=\"Unemployment\" width=\"1200\" height=\"545\" \/><\/p>\n<p>When The White House released January\u2019s jobs report, many people were excited to see that the unemployment rate was being touted as the lowest since May 1969. But employment trends expert Rob Wilson says that the numbers fail to tell the whole story.<\/p>\n<p>\u201cThe official unemployment rate for January was 3.4 percent, but I would estimate that the unemployment rate is actually triple that,\u201d says Wilson, President of Employco USA, an employment solutions firm with locations across the country.<\/p>\n<p><!--more--><\/p>\n<p>Wilson says that the unemployment rate is unreliable and builds false economic hope.<\/p>\n<p>\u201cThe unemployment rate counts people like freelancers who may only be working a handful of hours a week as being employed,\u201d says Wilson. \u201cBut these workers often do not have a livable income and aren\u2019t fully employed. It also doesn\u2019t count people who are not looking for jobs, such as stay-at-home parents who may not be able to get a job currently because they are too busy raising children. It also discounts the number of people who may have been looking for a job but might have given up due to lack of opportunities.\u201d<\/p>\n<p>Wilson says that nearly 40% of Americans aren\u2019t even included in the labor force.<\/p>\n<p>\u201cFrom disabilities to active military to aforementioned stay-at-home parents, a vast swath of people aren\u2019t included in the unemployment rate. Yet there is still a big focus on the unemployment rate as if it is truly indicative of the health of the economy.\u201d<\/p>\n<p>Wilson says that instead of relying too heavily on the misleading unemployment rate, we should focus on the quality of those jobs and true labor force recovery.<\/p>\n<p>\u201cPresident Biden\u2019s administration is holding up the unemployment rate and using it as \u2018proof\u2019 of how the economy is improving, but those of us who work in the employment sector know how inaccurate this number is and how uneven and unstable our economic growth has been in recent years,\u201d says Wilson.<\/p>\n<p>For more on this topic, please contact Rob Wilson at\u00a0<a href=\"mailto:rwilson@thewilsoncompanies.com\">rwilson@thewilsoncompanies.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Employment trends expert offers an enlightening viewpoint of our national employment rate\u00a0 When The White House released January\u2019s jobs report, many people were excited to see that the unemployment rate was being touted as the lowest since May 1969. But&hellip;  <\/p>\n<p class=\"more-link\"><a href=\"https:\/\/www.employco.com\/blog\/2023\/02\/24\/the-sad-truth-about-our-record-low-unemployment-rate\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4506","post","type-post","status-publish","format-standard","hentry","category-human-resources"],"featured_image_src":null,"author_info":{"display_name":"Employco USA","author_link":"https:\/\/www.employco.com\/blog\/author\/employcousa\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>The Sad Truth about Our \u201cRecord-Low\u201d Unemployment Rate - Employco Blog<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.employco.com\/blog\/2023\/02\/24\/the-sad-truth-about-our-record-low-unemployment-rate\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"The Sad Truth about Our \u201cRecord-Low\u201d Unemployment Rate - Employco Blog\" \/>\r\n<meta property=\"og:description\" content=\"Employment trends expert offers an enlightening viewpoint of our national employment rate\u00a0 When The White House released January\u2019s jobs report, many people were excited to see that the unemployment rate was being touted as the lowest since May 1969. 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