The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Ramsey Su who wrote (297)	8/25/2001 3:06:48 PM
From: dday	Read Replies (1) of 306849

Ramsey, "Despite tens of thousands layoff announcements, we are still at less than 5% unemployed. Unemployment was over 7% during the recession of the early 90s." My mother was an unemployment claims examiner in NJ for some 20 years. Became a supervisor eventually hearing and deciding on appeals. The flaw in UE stats is that only those "collecting" benefits are counted. Those unemployed with benefits expired do not count. I think benefits run 3 months today. Back in the late 1970's and early 80's, one could collect for a full 12 months with extensions. Want to increase unemployment??? Extend the benefit period. Tighten it up and reduce the reported figure. That is why I ignore the figure. This flaw plus the "underground economy" (people working for cash who are reportedly not working ala the local bookie) make the true UE rate almost impossible to gauge. Regards, Bob

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