Others represent no such hazard, yet have been espoused so frequently they are increasingly being treated as common knowledge.
Currently the official unemployment rate is around 5.7 per cent and trending down - which is not a particularly high level in historic terms.
Contrary to what you might intuitively expect, however, the correlation between the actual reported rate of unemployment and the strength of housing markets doesn't appear to be all that strong.
Sure, sometimes when housing markets are tracking very strongly this can coincide with a period of near full employment (cf. Perth, Darwin...Ireland!). But not always. And sometimes house prices rise when unemployment is rising. Or falling!
Why is this link so weak?
It's partly because unless unemployment is very high most people who want a job have a job, and therefore other factors can have a stronger influence on prices - a rising unemployment rate can sometimes be countered with falling interest rates, which might make borrowing more attractive, for example.
But it's also a bit to do with what the reported unemployment rate actually represents...
What gets measured...
Well, over a meaningful period of time yes, but in light of what has been discussed above, the answer is "not always" - at least in the short term.
If you think about it, companies may not begin hiring again until well after an economic recovery has been confirmed, and turnover and profits are rising once more.
In fact in can take even longer than it should for hiring to pick up again and for unemployment to fall, as due to recency bias firms often fear a double dip recession, even though these are historically rare once corrective action has been taken to stimulate the economy.
Because we often suffer from recency bias tending to remember most easily what has happened recently, tentative hiring in the early stages of a recovery may also be part time rather than full time in nature.
In short, unlike the stock market the unemployment rate can be a lagging indicator, not a leading indicator.
That is, the unemployment rate can be rising even as the economy is well and truly on the mend.
So even you could predict accurately when and where unemployment rates will begin to improve - which you can't - as an investor or market-timer this skill wouldn't necessarily be all that much use to you anyway.
Remember, when it comes to unemployment rates, things are not always what they seem.
On that note, tomorrow will see the Labour Force figures for May 2016 released.
Market consensus expects to see the unemployment rate flat at 5.7 per cent, with the forecast range for jobs growth ranging from negative (-7,000) to very positive indeed (+35,000).
In other words, no clue! More tomorrow...