Unemployment Stats are a Myth.

How many times are journalists on this site (and others) going to repeat this falsehood. Unemployment rates are much much higher than the touted figures. The figure usually quoted is the U3 calculation. Whereas many people believe the U6 figure to be a truer representation of the unemployment rate. Investopedia has a good primer on this: https://www.investopedia.com/articles/investing/080415/true-unemployment-rate-u6-vs-u3.asp

And the OECD site on this is also good:

When unemployment is high, some people become discouraged and stop looking for work; they are then excluded from the labour force. This implies that the unemployment rate may fall, or stop rising, even though there has been no underlying improvement in the labour market.


Anyone working 1 hour a week is not unemployed. Anyone who hasn’t gone to a job interview in 4 weeks is not counted in the stats:

Employed people are those aged 15 or over who report that they have worked in gainful employment for at least one hour in the previous week…


In NZ alone, there are literally hundreds of thousands of people unemployed, but only 120,000 are counted. This is why you see lots of young men and women wandering around shopping areas during the day, but apparently we have near full employment…

Underutilisation Rate is probably a better measure. From here https://www.stats.govt.nz/indicators/underutilisation-rate, you can see that there are 324,000 people underutilised in this country.

And yet we want to import as many people as we can.

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