In service based economy , the real capacity of what we produce is service based , industrial utilization is good for industrial manufacturing based economy . The best measure for utilization in service based economy is employment and therefore unemployment in this
Unemployment statistics
• • US population = around 300 million
• • Adult population ( 16 yr older + old folks) = 240 million
• • Labor force (working force) = 150 million
• • Number of unemployed(no job and have looked for 4 weeks) = 14 million
• • % Unemployed Present ((number of unemployed/total labor force)) = 9.1 %
• • Long term unemployed (27 weeks and over)= 6 million
• • % Long term unemployed = 49.2 % of Unemployed
• • % Unemployed Jan 08 = 5 %
• • Marginally attached workers (want to work have looked in past 12 months are not counted as unemployed)
• Discouraged workers is subset of marginally attached workers ( not actively looking for more than 5 weeks) and thinks there are no jobs available
US Total Unemployment Rate - Including Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons =16%
http://metricmash.com/unemployment.aspx?code=LNS13327709
