Unemployment or leisure time? It all depends on what you call it

In a post below, I commented on the 4.7% unemployment statistic for January. The figure is misleading because so many people have simply dropped out of the labor market in despair, particularly the poor and under-educated.

Now, however, there is a whole new way to think about this. The Federal Reserve Bank of Boston is touting the fact that Americans have gained the equivalent of "five to ten extra weeks of vacation" a year due to the increase in "leisure time" which they have chosen. They find the trend to "increased leisure" particularly notable among the "less educated" adults.

[I will note here that people who are not actively looking for jobs are considered to be voluntarily unemployed and hence have voluntarily opted for more leisure time].

[A hat tip to the Sandwichman at Max Speak]