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Speaker 1: Welcome to ask Fear and Greed, where we take your

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Speaker 1: questions and do our very best to answer them. I'm

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Speaker 1: Michael Thompson and hello Sean Almer.

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Speaker 2: Hello Michael.

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Speaker 1: You sound kind of apprehensive about today's question. It's a

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Speaker 1: good one. It's maybe a.

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Speaker 2: True How times you ask me like finance questions and

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Speaker 2: I think, oh, gosh, no, no, no, no, I think you're fine.

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Speaker 1: I think you're fine. It is coming from Rachel via

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Speaker 1: the website. She's gone to Fear and Greed dot com

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Speaker 1: dot au and you can do it send through an

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Speaker 1: email through the website, or go to Instagram or LinkedIn

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Speaker 1: or Facebook, any of the platforms. But Rachel says, high

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Speaker 1: team love the show. It's important to include that part totally.

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Speaker 1: Something that's always bugged me about unemployment data. And I

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Speaker 1: love just the idea that Rachel has had this thing

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Speaker 1: eating away at her about unemployment data for some time, and.

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Speaker 2: Finally there is this I'd like to meet Rachel.

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Speaker 1: There is this opportunity now to ask, this is your

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Speaker 1: kind of person something that's always bugs me about unemployment data.

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Speaker 1: How do they know who's actually employed? Is it based

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Speaker 1: on tax records or do companies have to report new

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Speaker 1: hires or is there some other way of reporting or

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Speaker 1: is it just an estimate. I'm curious.

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Speaker 2: Short answer is it's an estimate based on a survey.

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Speaker 2: But let's just take a step back. So, unemployment occurs

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Speaker 2: when someone wants to work but can't okay the date.

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Speaker 2: You mean they don't have a paid job, not that

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Speaker 2: they can't they don't have a paid job. The unemployment

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Speaker 2: rate's percentage of people in the labor force who were unemployed.

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Speaker 2: They wanted to get a job, but they can't get one.

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Speaker 2: So that means measuring the unemployment rate means identifying who's

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Speaker 2: in the labor force right now. These are all the

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Speaker 2: people that are employed or unemployed. So what the Bureau

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Speaker 2: of Statistics does It doesn't called the Labor Force Survey,

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Speaker 2: and it asks around fifty people every month about their

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Speaker 2: participation in the labor market. So it'd be fifteen years

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Speaker 2: or over.

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Speaker 1: Fifty thousand people every month. That is huge.

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Speaker 2: Yeah, have you ever been asked? No? Have you? I

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Speaker 2: have not. Rachel obviously hasn't either because she would know

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Speaker 2: about this otherwise.

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Speaker 1: No, if you have been asked by the Bureau of Statistics,

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Speaker 1: please get in tired, let us know, yeah, tell us

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Speaker 1: was it by a phone? Did they call you up

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Speaker 1: or did they drop you a little note?

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Speaker 2: So I think the survey you have it for a

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Speaker 2: while and then they rotate through people. So I don't

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Speaker 2: think it's fifty thousand new people every month. I might

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Speaker 2: be wrong on that. There are kind of three categories.

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Speaker 2: You've got a job. You're employed, yep, you don't have

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Speaker 2: a job, but you want one. Unemployed, you're not in

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Speaker 2: the labor force, as in a bunch of people who

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Speaker 2: look after kids or studying family members, voluntary work, stuff

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Speaker 2: like that. Not in the labor force. Okay, So you

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Speaker 2: want to talk about the participation rate getting a sixty

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Speaker 2: seven point three percent, the sort of that's sixty seven

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Speaker 2: point three on one hundred, the one hundred being everyone,

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Speaker 2: the employeed, the unemployed, and the not in the labor force. Okay,

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Speaker 2: so the employed plus the unemployed is the sixty seven

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Speaker 2: point three percent.

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Speaker 1: I suppose then as part of this survey, they would

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Speaker 1: also be asking would you like more work to establish underemployment?

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Speaker 2: Right, yeah, And so they talk about hours worked, and

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Speaker 2: there's rules around how many hours you have to work.

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Speaker 2: You don't have to work many hours to actually be

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Speaker 2: included in the employment data. But then that slit between

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Speaker 2: part time and full time as well, so they get

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Speaker 2: all that underemployment. They say, so you're working twenty hours

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Speaker 2: a week, would you like to work more? And someone says, yeah,

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Speaker 2: I want to work thirty hours a week. Therefore that's

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Speaker 2: a tick you are under employed. Okay, So there's all

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Speaker 2: sorts of numbers in it.

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Speaker 1: This is this has been quite a revelation for me

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Speaker 1: and for Rachel. I'm sure or that there are fifty

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Speaker 1: thousand people asked about this.

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Speaker 2: Yeah, I mean I have never met anyone who's been

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Speaker 2: asked about it.

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Speaker 1: Well, that's like the TV ratings and the radio rates,

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Speaker 1: and it's this idea that when I was a kid,

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Speaker 1: I always wanted to meet someone who had the TV

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Speaker 1: measurement box, you know how they plug it into the

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Speaker 1: TV and that would measure kind of what you're watching,

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Speaker 1: because you think that those a thousand people or thereabouts

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Speaker 1: would be able to massively skew the content direction of

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Speaker 1: Australian TV stations. And I never managed to find anyone

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Speaker 1: who had a radio ratings is a bigger kind of thing.

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Speaker 1: There's kind of rolling surveys and it's done by kind

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Speaker 1: of paper diaries. But there's all these new methods of

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Speaker 1: doing it, and occasionally you would encounter someone saying, hey,

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Speaker 1: I got a survey book last month and things like that.

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Speaker 1: But even then I have never found someone who has

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Speaker 1: been asked by the ABS about the Laborfore survey.

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Speaker 2: Bring it on. I want anyone out there listening who

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Speaker 2: is a Labor Force survey participant to give us a ring. Yep,

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Speaker 2: get in touch with.

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Speaker 1: Us, yep. Please just shoot us an email via fearanngreed

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Speaker 1: dot com dot au, jump onto LinkedIn, jump onto Instagram,

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Speaker 1: jump onto Facebook, send us a message, let us know

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Speaker 1: that people are actually being asked and that you are

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Speaker 1: one of them and hate. If you got your own

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Speaker 1: question that you would like to put to us for

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Speaker 1: ask Fear and Greed, then you can do that in

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Speaker 1: the same message. Thank you very much Rachel for the question,

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Speaker 1: and thank you Sean for answering it.

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Speaker 2: Thank you Michael, Thank you Rachel.

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Speaker 1: If you do have anything that you would like to know,

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Speaker 1: then send it on through. We would be glad to

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Speaker 1: put it on the list and answer it asap. I'm

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Speaker 1: Michael Thompson and this is ask Fear, and greed,