Question

4) Short answer question

There are those that argue that the current 'unemployment' and inflation numbers are not an accurate depiction of the true numbers. Do some digging and see what’s behind those arguments.

Answer 1

Unemployment and inflation have now become a media conversation of developing or underdeveloped countries. There are plenty of researchers who are attaining their best effort to nest out the data relating to the Unemployment but in most cases, the data are politically or by the corporately tempered. In several cases, it has been shown that people believe a country's strength depends on the rate of unemployment and market prices. Here are some points that represent the problems of the unemployment rate.

1. It denies the Discouraged Workers: In the official employment records, the discouraged workers are not included due to the corporation misleading or making profits by paying an unofficial remuneration to the unlisted employees but the job providers showing that they are holding sufficient workforce. Due to this corporate misleading the Adults or youth workforce becoming discouraged in finding jobs. The BLS ( Bureau of Labour Statistics) representing a survey that indicates the reasons why workers are becoming discouraged, they think they aren't qualified for the jobs for which he or she is intended to do, another is showing that one time the job seekers think there are not enough job vacancies.
2. It denies the marginally listed Workers: Indeed, the discouraged workers are also an example of Marginally listed workers. And the other laborers or workers are not in the workforce as they may not be able to find out a job for various reasons. On the other hand, if a job seeker searching for a job on July 1 but took leisure in August to care for his or her close one, he or she would be a marginally listed worker in September, but it doesn't mean that that worker is unemployed. So, denying marginally listed workers in the official unemployment rate can mean that there are fewer unemployed people.
3. It doesn't distinct the Part-Time and Full-Time Workers:​​​​​​​ In the unemployment data made by the Govt. agencies deny the truth of the workforce involved in an organization. In several cases, the companies and the job providers hiers such part-time employees to satisfy their workload. So the part-time workers who intend to do the job just satisfy their daily food on the table, also counted as employed even if they have low skills.
4. It denies the long-term Unemployment Rate: Anyone who is not working for at least 27 weeks is considered as a long-term unemployed. Millions of Indians fall into this category. Meanwhile, the unemployment rate doesn't mean how long people haven't had jobs.
5. It denies whether People Have Low Paying Jobs:​​​​​​​ Most of the people can't get jobs as of their education qualification and work knowledge and they are mostly forced to do jobs with low wages, these underemployed people hold a vast scale of the workforce. But the Bureaus do not acknowledge the fact. Without the pontification of the issue regarding underemployment, the unemployment rate can not be figured out as of the labor market stands. Having a massive unhappy employee in an organization can not fulfill a potential working ambiance those sectors should be categorized as a problematic working sector. This underpaid working ambiance also leads the workers in challenging life and they become unproductive.

So the unemployment rate isn't a pin-point measure of joblessness, because it doesn't consider everyone who has not a job. Therefore many Economist does not consider the real unemployment rate.