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OECD and Centre for Cities study indicates there are ‘hidden’ numbers
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Scooped by Graham Watson |
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This is a fascinating look at the way unemployment is calculated with the OECD and Centre fro Cities claiming that unemployment data isn't accurately capturing the number of people unemployed. They argue that if you factor in so-called 'adjusted economic activity rates' some cities have a 'true' unemployment rate of three to four times the stated figure.
Of course, in the official data, these people are classed as economically inactive, but many of them would claim that their inactivity stems from a lack of jobs and that if there genuinely were jobs available, they would be economically active.
It's a reminder that when measuring unemployment, it's also worth thinking about related concepts such as the level of economic inactivity - and the causes of inactivity - and concepts such as 'underemployment'. Both of these create greater awareness of the true extent to which there is spare employment capacity.