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Are we undercounting the number of unemployed?

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Note: This is post #99 in a weekly video series on basic economics.

The official unemployment rate in the U.S. only counts adults who are without a job and have actively looked for work within the past four weeks. Does this mean that unemployment is undercounted?

In this video by Marginal Revolution University, economist Alex Tabarrok explains that while the official unemployment rate may not be perfect, it does provide us with a good indicator of the state of the labor market and where it’s headed.

(If you find the pace of the videos too slow, I’d recommend watching them at 1.5 to 2 times the speed. You can adjust the speed at which the video plays by clicking on “Settings” (the gear symbol) and changing “Speed” from normal to 1.25, 1.5 or 2.)

Click here to see other videos in the Introduction to Economics series.

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Joe Carter Joe Carter is a Senior Editor at the Acton Institute. Joe also serves as an editor at the The Gospel Coalition, a communications specialist for the Ethics and Religious Liberty Commission of the Southern Baptist Convention, and as an adjunct professor of journalism at Patrick Henry College. He is the editor of the NIV Lifehacks Bible and co-author of How to Argue like Jesus: Learning Persuasion from History's Greatest Communicator (Crossway).

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