Former General Electric CEO Jack Welch once claimed the jobs numbers were faked. How did that turn out?

Good morning. I’ve never liked how the U.S. measures joblessness. The official unemployment rate doesn’t include the number of people who have given up looking for work or are stuck in low-paid jobs that don’t match their skills and aspirations. It doesn’t capture the difference between long-term vs. short-term employment, contract or full-time jobs. Economists at the U.S. Bureau of Labor Statistics (BLS) understand that frustration and publish a range of measures to capture the nuance of labor underutilization.

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