Explain three major shortcomings of the officially reported unemployment in portraying the state of the job...

Explain three major shortcomings of the officially reported unemployment in portraying the state of the job market by referring to two items within each.

Expert Solution

There is a huge difference between officially reported unemployment and the actual number of the people unemployed. The major shortcomings are as :

Inaccurate data due to non recording of Cyclical and Frictional unemployment. Suppose a person earns a graduate degree and starts working as a data analyst, work for sometime and realizes that there is a better scope of artificial intelligence and thus goes for Master's degree in the same leading to unemplyment.
Inaccurate recording of the data : Sometimes the data is not being recorded properly and thus does not give a clear picture of the state of the job market. Due to shortage of time, the complete data is not being collected.
Hiding the facts so as to get the unemployment benefits from the government : Sometimes the person hides the fact of employment and does not give a clear picture so as to get the unemployment benefits from the government.

Rahul Sunny answered 6 months ago

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