And those who already have jobs continue to look for work, and therefore only a fraction of those who have looking for work(even without jobs) are not getting unemployment insurance.
So if the unemployment rate is 8% or higher, how could those getting UI hold up the unemployment rate if x amount of job hunters aren't getting any? Assuming, of course, that those getting UI weren't job hunting.
Wouldn't that simply mean fewer applicants chasing the same number of jobs? If there are 5 person for each job, and 2 out of 5 persons aren't job hunting, does that mean there is a net fewer number of people working than if they were all job hunting?