I wondered how the different rates would match up, and thanks to the labor department I was able to find out:
As could be expected, the U-3 and the U-6 rates are very close to each other. Which makes sense, since U-6 by definition includes U-3. Since this diagram doesn't immediately tell us a lot, I took the U3/U6 ratio and plotted it against U3.
This diagram has some minimal good news: as a vague, general trend, as U3 goes up, the relative increase in U6 goes down. If the trend was flat, or even upwards, the underemployment ratio in Michigan could be over one-quarter.But the trend isn't super important: as it is, it seems that within the limits we usually have, U3 and U6 go up pretty much up in tandem, regardless of what the number is.
Is this becoming the Weekly Scatterplot? :(
ReplyDeleteI am doing better!
ReplyDeleteIf I got more comments and discussion, I might post more!