Global Joblessness: The Real Number [32% per Gallup World Poll]

GALLUP ^ | November 19, 2015 | Jon Clifton

[expat_panama]

The most quoted jobs metric in the world is misleading Many of the truly unemployed are considered self-employed About 3 billion people who want a great job don't have one

What the whole world wants is a good job. That was the breakthrough finding from Gallup's first global survey 10 years ago, and it continues to be true.

However, there is a problem with how the world defines and measures what a good job is...

[snip]

How Global Agencies Define Work

Here is the heart of the problem...

[snip]

Global_employment

Let's consider a real job or a good job -- the type of job the whole world wants -- as 30+ hours per week of consistent work with a paycheck from an employer. Based on this definition, Gallup projects that 1.3 billion out of the world's roughly 5 billion adults have a good job.

So who are the other 3.7 billion? About 1 billion people are self-employed...

[snip]

That figure of about 1 billion, which is just shy of one-third of the entire world's adult workforce of 3.2 billion, would put global unemployment closer to 32% than to the 5.9% that the ILO estimates.

[snip]

Out of 5 billion adults on this planet, 1.3 billion have a good job. Of these 1.3 billion, roughly 12% are engaged. Out of a global workforce of an estimated 3.2 billion adults who are working or looking for work, then, only 5% or 161 million people have a great job. This means about 3 billion people who want a great job don't have one.

The dream of men and women around the world is to have a good job and, ultimately, a great job. Yet only 161 million people are realizing this dream.

[expat_panama]

It would be nice to have an analysis for U.S. labor force/unemployment separately, but just the same I like the way they said "most quoted jobs metric in the world is misleading"  --the idea that the 5.1% unemployment rate is in fact correct, and it's the percentage for the shrinking labor force so it's meaningless.

[The Sons of Liberty]

The propaganda rate put out by The Bureau of Labor Statistics and trumpeted by the regime - 5.1%, is worthless and apparently only represents whether Barry thinks he needs an approval bump from his adoring morons.

'Shadowstats' (http://www.shadowstats.com/alternate_data/unemployment-charts) puts the rate at a much more believable 23%. I believe that even this includes those underemployed, e.g. college grads flipping burgers.

[expat_panama]

 

Good morning at the week's finale!  Stocks took a breather yesterday, going nowhere in scant trade.  Even gold and silver prices are stabilizing now at $1,087.83 and $14.45, and futures traders are pleasantly letting stocks slide more today while metals take off.  No econ reports and the news looks like fun--

• Here we go again? More confusion on Fed and rates
• Why oil could soar past $80 per barrel The Housing Market Has a Major Problem
• The World Is Floating In Oil
• Fed Pushes Back as Congress Eyes Its Billions

--but maybe I won't let it keep me from getting a headstart on my weekend of Elite Dangerous and Fallout 3...

[expat_panama]

'Shadowstats' (http://www.shadowstats.com/alternate_data/unemployment-charts) puts the rate at a much more believable 23%.

What, u got a limp wrist or something?   Real men don't use shadow stats, we use Big Stats putting the really real unemployment rate at 55%!!!

 

[MarchonDC09122009]

Pardon me.
What does your over-the-top sarcastic response mean?
Do you some how doubt the conclusions or don’t understand Shadowstats analysis of the US Labor U3 / U6 data?
Do you believe the administration and main stream media propoganda that the unemployment rate is: 5% ?
Gallup came out earlier this year and personally pegged the US unemployment rate even higher that bearish Shadowstats.
What source do you suggest provides the most accurate numbers?

[Diana in Wisconsin]

Beau and I have definitely had enough. We’ll be in that 40% working for ourselves group, soon. Me, starting in February 2016 and he in August 2016.

We are both in our mid-50’s. Enough is enough.

[expat_panama]

Sounds terrific —all the best to you both!

[expat_panama]

What does your over-the-top sarcastic response mean?

Hey guy, lighten up!  It's a beautiful Friday morning and the market's up --what's not to like?  Thing is those goofy Shadowstats are a hoot and whenever they get posted, I mean, it's like Zerohedge all over [wipes tears of laughter].

Seriously, anyone who wants to talk job numbers can show his work and allow us to check.  SS doesn't, so the rest of us get to laugh.  Like, please tell me why that is not fair?

[Red in Blue PA]

I would love to do that someday.....takes courage to go out on one’s own. Congrats.

[GOPJ]

Yikes! Thanks for the ping.

[MarchonDC09122009]

You enjoy being provocative.
I get it.
I recall your laughing at the idea that the inflation rate is significantly higher than gov’t stated 1%.
Not taking BS baiting any more.

The Big Lie: 5.6% Unemployment - Gallup.Com. by Gallup Poll CEO Jim Clifton
www.gallup.com/opinion/chairman/181469/big-lie...
Feb 3, 2015 ... The official unemployment rate, which cruelly overlooks the suffering ... of Americans in good jobs; jobs that are full time and real — then we will...

Jobs: The ‘Real’ Unemployment Rate Please? Anyone? - Forbes
Analysis reports 15.8% as of Nov 2014.
www.forbes.com/ sites/ dandimicco/ 2015/ 02/ 1... Proxy  Highlight
Feb 13, 2015 ... Recently the Chairman, CEO, Jim Clifton of the Gallop Polling Company ... us — don’t know: The official unemployment rate, as reported by the...

Current U-6 Unemployment Rate - UnemploymentData.com
www.unemploymentdata.com/current-u6-unemplo... * per Bloomberg financial writer
Current U-6 Unemployment Rate is 9.5% (BLS) or 13.8% (Gallup) ... consider U-6 to be”the Real Unemployment Rate” See: What is U-6 Unemployment? for the...

Beyond sad: The real unemployment rate was 42.9%, not 5.5%!
www.investmentwatchblog.com/ beyond-sad-the-real-...
Jun 25, 2015 ... David Stockman looks at 5.5% unemployment: At the present time, there are ... of 16 and 68—to take a plausible measure of the potential work force. ... hours, meaning that the real unemployment rate was 42.9%, not 5.5%..

[citizen]

WTI Crude Spikes After Renewed Tumble In US Oil Rig Count
http://www.zerohedge.com/news/2015-11-20/wti-crude-spikes-after-renewed-tumble-us-oil-rig-count
Seems to be saying that the US oil rig decline, that has followed the price of oil down, is now contributing to the current upward crude oil price spike.

[expat_panama]

"You enjoy being provocative."

Wait a sec. you're talking about me?

[Diana in Wisconsin]

Thanks! We both had been planning a life like that for ourselves, alone. Luckily we started dating five years ago (we’ve known one another for 30+ years; I divorced, he was widowed) and it’s all fallen in to place.

Neither of us had previous spouses that were the LEAST bit interested in a quiet, self-sufficient lifestyle. It will be easier with two, yoked and pulling in the SAME direction!

We’ll see how it goes. I’m not seeing any down side at this point in time, though the first time the cows get out and run far, far away, I’ll let you know how I feel then, LOL!