PHOTOGRAPHER: GREGORY HALPERN FOR BLOOMBERG BUSINESSWEEK
The Unemployment Rate being presented to the public…is it fact or fiction?
Good Morning Everyone! We are amazed at how the mainstream media presents the unemployment rate in such a minimalist, general, uninsightful way. We’ve all heard the saying, “There are lies and there are statistics.” That is certainly the case when organizations present statistical information to the public. Most individuals and organizations take for granted the information given to them, and generally trust the sources that deliver them…including the U.S. Government and notable news sources like Bloomberg in this recent Article dated March 15th.
What’s most important is to understand in any statistic released, is what are the assumptions made in developing the mathematical algorithms and equations that churn out this information. That’s where alternate reliable sources of statistical information is helpful, such as John Williams’ website ShadowStats.com. I’m not going to get into the details of how the unemployment rate is calculated…you can learn more about how the unemployment rate is calculated by going to websites like Quartz and The Balance. The point is, whenever statistics are given by an organization, just ask yourself, how could this organization benefit from the information/statistic they present? In many cases, the data may be skewed in their favor…to suit their purpose. Data Analytic firm ShadowStats.com provides their subscribers with statistical data to help make better investment and business decisions. They have no agenda other than building their subscriber list, based on the value and integrity of the data they deliver. They gain subscribers based upon the accuracy of their data. So there are some good organizations out there attempting to serve the public and their clients with unbiased information. You just have to search and research those out there in the market place.
The unfortunate reality is that the mainstream media really doesn’t do a good job in researching the data given to them by most organizations including our own federal/state/and local governments, as well as, other business organizations. So when you see “official” unemployment figures being presented by the media, just understand they’re most likely not presenting the entire picture. As we always recommend, do your own research, ask questions, then make a more informed decision.
GMS Business Consulting – provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently. We do NOT provide investment advice. Contact Us if you are interested in learning more about our services, and in particular about M.A.P.(our 3-phase business development solution), designed to help you strategically focus and tactically grow your business. We would welcome the opportunity to speak with you.
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