The number of people seeking jobless benefits has soared during the pandemic. AP Photo/John Locher CC BY-NC-ND Many economists would agree that the official U.S. unemployment rate is an inadequate measure of actual labor market conditions. Although this is one of the most cited pieces of data on the economy as a whole, not many people understand how this indicator is calculated and who is and – more importantly – who isn’t included in it. The latest data, which found that joblessness fell from 6.7% in December to 6.3% in January, shows why. As a labor economist, I believe it’s important for more Americans to take a closer look under…
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