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economy

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How to Organize Your Small Business Startup Costs

Launching or transitioning your side job into a full-time venture is stressful, demanding and exciting. One of the first steps is to consider your startup costs, or expenses in the beginning...

SBA Celebrates Women’s Equality Day

It was almost 100 years ago, on August 26, 1920, when the 19th Amendment of the U.S. Constitution was ratified and women in America won the right to vote. As history (or her story) tells us, this...

5 Key Tips on Sales Forecasting for Business Owners

Don’t underestimate the value of a sales forecast for running a business effectively. Even if you do nothing else in the way of planning, having just a sales forecast plus regular review and...

3 Technologies for Streamlining Customer Communications

Ask the typical small business owner which methods his or her company uses to communicate with customers, and email is likely to be at or near the top of the list. 

But what happens as your...

How Choosing And Buying A Franchise Is Like The 10,000 Meter Run

The correct way to choose, research and potentially buy a franchise can be likened to running a 10,000-meter race (which equals 6.2137 miles), in which it’s imperative to pace yourself if...

Financing Your Expanding Business with the SBA

If your business is part of the small minority of businesses who successfully maneuver those challenging early years, then you might be thinking, “what’s next?” If you are fortunate enough–or...

Financing Your Expanding Business with the SBA

If your business is part of the small minority of businesses who successfully maneuver those challenging early years, then you might be thinking, “what’s next?” If you are fortunate enough–or...

5 Ways to Support Staff with Education and Development

Back-to-school refrains are in the air, making it a great time to think about how you can help your staff get the education and training they need to improve and be better employees. In deciding...

How to Have A Stand Out Business Credit Application

Getting approved for funding for your business is dependent on your perceived ability to repay the loan or line of credit. That’s why it’s important to make your application for credit or a loan...

Fact-checking Donald Trump: Is federal unemployment number a 'hoax'?

Republican presidential nominee Donald Trump addressed hundreds of people gathered in Detroit on Monday to outline his economic policies.

"This is what I want to do for our country – I want to jumpstart America," Trump said. "It can be done, and it won't even be that hard."

>> Read more trending stories

He said policies supported by President Barack Obama and Democratic rival Hillary Clinton created "a silent nation of jobless Americans."

"There are now 94.3 million Americans outside the labor force," he said. "It was 80.5 million when President Obama took office – an increase of 14 million people. The Obama-Clinton agenda – tax, spend and regulate – has created a silent nation of jobless Americans."

He went on to say that those numbers reflect real unemployment, as opposed to the rate released by the U.S. Bureau of Labor Statistics. The federal agency puts unemployment at about 5 percent.

"These are the real unemployment numbers," Trump said. "The 5 percent figure is one of the biggest hoaxes in American modern politics."

<iframe width="390" height="219" src="https://www.youtube.com/embed/ZBmBwNRUG_8" frameborder="0" allowfullscreen></iframe>

It's not the first time Trump has questioned numbers from the Bureau of Labor Statistics. He's made similar claims at least half a dozen times since launching his bid for the White House.

So are federal unemployment numbers incorrect?

No, they aren't.

The problem with Trump's claim is that he appears to be looking at the total number of jobless Americans without factoring out those who aren't looking for work, such as stay-at-home parents and full-time college students.

>> Got a question about the news? See our explainers here 

Let's take a look at the numbers.

The Bureau of Labor Statistics on Friday said the nationwide unemployment rate was steady at 4.9 percent last month. During that same time, the Bureau measured the workforce participation rate at 62.8 percent.

The numbers may seem to be incongruous, but that's not the case when you look at how the government determines the unemployment rate.

Feds deem "people who are jobless, actively seeking work and available to take a job," as unemployed. This means people who are jobless, but not looking for work, are factored out of the ultimate unemployment percentage.

To reach its calculation, the government uses the results of a monthly survey combined with statistical sampling. Each month Census Bureau employees reach out to 60,000 sample households to interview people about whether they are looking for work and whether they are employed.

The interviewers don't determine whether a person is unemployed, but instead ask questions which determine the person's status.

"Each person is classified according to their activities during the reference week," according to the Bureau of Labor Statistics. "Then, the survey responses are 'weighted,' or adjusted to independent population estimates from the Census Bureau."

The government has been using the survey since 1940 to determine employment rates.

It is worth noting that even if there is some discrepancy between government numbers and real unemployment, economists still put the number at 15.6 percent at the highest, according to PolitiFact.

200 items
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