00:01
So here we're talking about the unemployment and the unemployment rate.
00:05
Now, let's first of all make sure that we understand what this thing is.
00:09
The unemployment rate is the number of unemployed, and that is divided over the employed plus the unemployed, right? that's sometimes what we call the labor force.
00:25
So part -timers are in here, right? they count as unemployed and therefore are not in the labor force, right? unemployed people are not part timers.
00:38
I often write this as u over e plus u.
00:44
So what is going to happen here? so we are going to remove part timers.
00:50
So this number is getting smaller as part timers are removed, right? so the bottom of the fraction is getting smaller, which means the entire fraction is getting bigger, right? for example, before, imagine we had 10 over 100 plus 10.
01:09
We got 1 over 11...