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‘Real’ Unemployment Rate Shows Far More Jobless

Posted By admin On August 3, 2012 @ 2:28 am In Money Watch | Comments Disabled

Jeff Cox
CNBC.com [1]
Aug 3, 2012

While the national unemployment rate paints a grim picture, a look at individual states and their so-called real jobless rates becomes even more troubling.

The government’s most widely publicizedunemployment rate [2] measures only those who are out of a job and currently looking for work. It does not count discouraged potential employees who have quit looking, nor those who are underemployed — wanting to work full-time but forced to work part-time.

For that count, the government releases a separate number called the “U-6 [3],” which provides a more complete tally of how many people really are out of work.

The numbers in some cases are startling.

Consider: Nevada’s U-6 rate is 22.1 percent, up from just 7.6 percent in 2007. Economically troubled California has a 20.3 percent real rate, while Rhode Island is at 18.3 percent, more than double its 8.3 percent rate in 2007.

Full article here [1]

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URLs in this post:

[1] CNBC.com: http://www.cnbc.com/id/48468748

[2] unemployment rate: http://www.cnbc.com/id/44491326/

[3] U-6: http://data.bls.gov/cgi-bin/surveymost

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