63.3 Why You Should Not Be Happy with 6% Unemployment

———Part 3 Summary———
America’s unemployment rate is a miraculously low 6% – a remarkable achievement. But behind the headlines is the sad fact that labor force participation is awful.

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Twitter: https://twitter.com/JeffSnider_AIP
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———Ep 63.3 Topics———

00:05 The US March 2021 payroll report delivered great headline news, beating expectations too
02:05 Behind the headline good news is unquestionably bad news: the labor force participation
03:56 The official US unemployment rate of 6.0% is very good! But what about the unofficial?
07:24 The U-6 rate of marginally attached and part-time for unemployment is 10.7%
10:18 Including all respondents that want a job and unwanted part-time employed 13.4%
13:22 Labor Force Participation today is at 61.5%, short of 2018-19, 2006 or 2000 participation
16:19 Might the labor force slack be as large as 20 million?

———Ep 63.3 References———

Reopening 2: https://bit.ly/3s0w9sk
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7


Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins.