00:01
So here we have some information on unemployment, which went up by plus 12 .1 million, and then unemployed went down by 7 .3 million, right? so these numbers don't balance.
00:13
Something must have changed.
00:15
And what changed is that the labor force had to change.
00:18
The labor force is the total number of adults who are either employed or unemployed, the people who are working, the employed, are the people who are looking for work, the unemployed, right? so the labor force must have grown by the difference between these two numbers to keep the equation balance, which is plus 4 .8 million, right? so where did these 4 .8 million comes from, right? there's lots of places.
00:42
This could have been people, students, say, who left college, right? this could be people who unretired and rejoined the labor force, right? three people who say got off government benefits and said, look, i was on some sort of welfare or social assistance before, but now the labor market has improved and i feel i can find a job.
01:11
This could be stay at home parents who by daycare.
01:20
They say, look, i was staying at home with my kids and suddenly all these jobs opened up.
01:26
And so i'm going to hire a daycare to look after my kids and i'm going to get back to work, right? all these people enter the labor force because they weren't counted as unemployed before, right? they were counted as not looking for a job.
01:38
They were totally happy without a job.
01:40
But now that things have changed that decided to start looking for a job.
01:43
So the number of people who want a job has increased...