confusing but true

Vermont Loon Watch

Unemployment explained or why there are two different numbers.

COSTELLO: I want to talk about the unemployment rate in America.

ABBOTT: Good Subject. Terrible Times. It’s 7.9%.

COSTELLO: That many people are out of work?

ABBOTT: No, that’s 14.7%.

COSTELLO: You just said 7.9%.

ABBOTT: 7.9% Unemployed.

COSTELLO: Right 7.9% out of work.

ABBOTT: No, that’s 14.7%.

COSTELLO: Okay, so it’s 14.7% unemployed.

ABBOTT: No, that’s 7.9%.

COSTELLO: WAIT A MINUTE. Is it 7.9% or 14.7%?

ABBOTT: 7.8% are unemployed. 14.7% are out of work.

COSTELLO: IF you are out of work you are unemployed.

ABBOTT: No, Obama said you can’t count the “Out of Work” as the unemployed. You have to look for work to be unemployed.

COSTELLO: BUT THEY ARE OUT OF WORK!!!

ABBOTT: No, you miss his point.

COSTELLO: What point?

ABBOTT: Someone who doesn’t look for work can’t be counted with those who look for work…

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Categories: business basics
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