Is it true that the new people entering the demographic are not seeking unemployment so they don’t get counted in the U3 or U6 unemployment?
No, the ones who have dropped out and gave up looking for jobs because they can’t find any, are ignored and not counted
“not seeking unemployment so they don’t get counted in the U3 or U6 unemployment?”
Correct.
If you are unemployed and not looking then you are not counted. If you were looking, you are counted, if you then stop looking because you can’t find a job, and/or your benefits run out, then you are not counted as unemployed.
An official estimate is that over 40% more people from the unemployed number are unemployed but not counted.
The depression unemployment number included today’s “unemployment”, the non-employed but want work, and the underemployed.
Accurate comparisons would then put today’s unemployment at around 25% (Shadowstats), David Stockman, long time economist, just released data saying that today’s unemployment is 42%.
We are much much worse off than the Great Depression. Thanks obama, democrats, and rinos.