Our local fish wrap, the Spectrum, again says that changing from 3% to 5% unemployment is a “2% increase”:
Figures released Monday by the Department of Workforce Services revealed a 5 percent county-wide rate of unemployment in October, a 2 percent increase from the same month last year.
I suppose it is, but that isn’t how they are usually reported. The increase in unemployment is the difference (2) over the original rate (3) or 2/3 or 66%.
Also, I believe the report understates the issue. A lot of folks in the construction trade are “employed” still – as independent contractors, plumbers, electricians, but have no “work”, and thus no income. A lot of people are employed as real estate agents, but aren’t selling houses – no income. A lot of people used to sell big trucks to construction people … employed but less income. And so on.