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snoodog  ·  326 days ago  ·  link  ·    ·  parent  ·  post: The 'supply-and-demand model of labour markets is fundamentally broken' ...

That’s because the definition of employment and unemployment has changed in the last decade. Now people can be underemployed but not unemployed, so that one shitty job can be split between two people at 10-35 hrs a week. There still aren’t enough jobs but they don’t show up on stats. The data could be corrected by combining underemployed hours and dividing them by 40 and getting true unemployment rates equivalent to what we were measuring in the past but nobody wants to do that