Let's talk about the next economic crisis, why mass layoffs and unemployment could be rising, and what this means for you watching - Enjoy! Add me on Instagram: GPStephan | Follow my newsletter for more detail: [ Ссылка ]

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The Unemployment Crisis:
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What most people don’t realize is that The Unemployment Rate doesn’t just tell us how many people are without a job - Instead, it serves as a leading indicator for almost everything, from stock prices, inflation, economic growth, and even how much money you’ll make over the next 10 years.

How Unemployment Is Calculated:

U-1: Those Unemployed for 15 weeks or longer.

U-2: This counts people who “Have completed temporary work or recently lost their jobs.”

U-3: The TOTAL AMOUNT unemployed, as a percentage of the civilian labor force. This is important, because “civilian workforce” simply those - those not retired, not ‘discouraged’ from looking for additional work, not unable to work, not in the active military, and not in jail.

U-4: This includes the previous 3, and those who have “given up,” or - have not looked for jobs in the last 4 weeks.

U-5: This includes everything above, plus, those who are “marginally attached” - which, are those who are NOT in the labor force, who want to work, and have looked for jobs in the last year.

U-6: This includes everything above, plus part-time or “under-employed workers who want to work full-time, but can’t because of economic reasons.”

Many economists believe that the U-6 unemployment rate is a MUCH more accurate reflection on the state of the economy, since it includes a much broader range of people and situations - and, when you begin to consider THIS number - the “true” unemployment rate of our economy is closer to 7.3% than the headline “3.4%” that many people tend to believe.

It might sound common sense, but - the more people who are unemployed, the less disposal income and purchasing power they have, and as a result, the less economic growth we see. To make matters worse, the less economic growth we see, the more likely we are to see CONTINUING layoffs as those companies no longer have the revenue to support higher wages, which - in turn - can lead to a recession.

As far as what YOU can do about this, my honest advice is to make yourself as indispensable as possible. Now is absolutely not a time to be complacent, fly under the radar, and hope that no one notices you're secretly watching YouTube videos. IF we continue to see a downturn, that job could be at risk, and you would have been much better off making sure that you’re SO GOOD AT WHAT YOU DO that they couldn’t possibly fire you. 

After all, Google previously said that “We need to be more entrepreneurial working with greater urgency, sharper focus, and more hunger than we’ve shown on sunnier days.” - and, I agree. We’re no longer in an environment where people are simply rewarded for showing up, so this is the time to double down to ensure long term job security. 

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