It’s unclear how such an action would help lower U.S. borrowing costs.

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[–] 9 points 2 months ago (3 children)

Well not lying, but not what everyone thinks it is.

One person picks up a side job after getting hours cut at his work? That's a new job created, even if that person makes less than they used to.

A guy gets laid off but registers with a gig app to try to pick up some driving or delivery tasks with spotty income prospects? That person is not "unemployed".

You aren't recognized as looking for work despite having no job? You don't count as unemployed either.

The "underemployed" is probably better to get an idea.

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  • [–] 6 points 2 months ago (2 children)

    All true. But done consistently the trend will give you insights into how people are doing.

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  • [–] 2 points 2 months ago (1 child)

    Sure, but situations evolve that change the meaning.

    15 years ago, being an independent contractor was relatively rare and pretty deliberate. Now that's just being registered with Uber, Lyft, Doordash. So lots of people stop becoming "unemployed" and become "independent contractors" due to what is essentially a cultural shift. Being an "employed" independent contractor is trivial now, but says nothing about income prospects.

    The side job scenario certainly isn't new, so your point is taken there, that number of jobs "created" always could have been either good or bad without context.

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