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May 23, 2011

We're told the unemployment rate is 9 percent ...

Topics: Political News and commentaries

But that's a bunch of poppycock.

As Kirk Elliot explains over at WND, the 'official' unemployment rate may be at 9 percent, however, when you include workers who want a job but have stopped looking and those working part time for economic reasons -- it's actually 19.3 percent. It's the equivalent of everyone in Utah being unemployed.

The unemployment number that we all see in the news (U3) represents the total number of people unemployed, as a percent of the civilian labor force (the official unemployment rate). This number is 9 percent. A broader and more accurate measure of unemployment is U6, which includes marginally attached workers, or those who are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.

Are these people still unemployed? Of course they are! Therefore, let's count them in the unemployment numbers. Just because they are so discouraged that they stopped looking doesn't mean they should not be counted as unemployed. So, when discouraged job searchers are included, the broader (U6) unemployment number is 19.3 percent!

Read more ...

To better understand what Elliot is talking about, here's a 13 minute lesson on 'unemployment' numbers and what they mean. The video is from Apr 5, 2009 so keep in mind that the numbers used are old numbers ... the current numbers are much higher ('U6' in April 2011 was 19.3 percent). The video is well worth taking the time to watch in its entirety: "Analyzing unemployment data to show that "real" unemployment is worse than the headline numbers show":

Related: QE2 was a bust ... Economic data is worse than before.

Posted by Hyscience at May 23, 2011 6:42 AM

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