“Unemployment Rate” Is A Mostly Meaningless Stat That We Obsess Over

I thought we lived in a “data-driven” time.

One of the drawbacks of “the data-driven era” — LOL! — we supposedly live in is that you can now find numbers to prove pretty much anything you are trying to prove. Unemployment rate is a great example of “This proves the economy is doing super well.” No, it really does not.

Here I shall quote Business Insider, which is hardly a “woke” business publication, but they will do well for my purposes herein. Here’s the article. Pay attention to this →

In March 2006, at the peak of the economic boom that preceded the great financial crisis, involuntary part-time work was at a low of 620,000. It rose to a peak after the 2008 crisis. But today, after 10 years of economic growth, it has settled back to 881,000 — an increase of 42% over the period, according to the ONS.

Four percent unemployment is technically “full employment.” Anyone who wants a job should be able to get one. But 881,000 workers need…