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Real US unemployment rate at 16 pct: Fed official

Posted By admin On August 27, 2009 @ 4:12 am In Money Watch | Comments Disabled

AFP [1]
Thursday, August 27, 2009

The real US unemployment rate is 16 percent if persons who have dropped out of the labor pool and those working less than they would like are counted, a Federal Reserve official said Wednesday.

“If one considers the people who would like a job but have stopped looking — so-called discouraged workers — and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent, said Atlanta Fed chief Dennis Lockhart.

He underscored that he was expressing his own views, which did “do not necessarily reflect those of my colleagues on the Federal Open Market Committee,” the policy-setting body of the central bank.

Lockhart pointed out in a speech to a chamber of commerce in Chattanooga, Tennessee that those two categories of people are not taken into account in the Labor Department’s monthly report on the unemployment rate. The official July jobless rate was 9.4 percent.

Full article here [1]

Real US unemployment rate at 16 pct: Fed official  290509banner [2]


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URLs in this post:

[1] AFP: http://rawstory.com/news/afp/Real_US_unemployment_rate_at_16_pct_08262009.html

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] Real Unemployment Rate 14.6 Percent in October: http://www.prisonplanet.com/real-unemployment-rate-14-6-percent-in-october.html

[4] Real U-3 Unemployment Rate: 11.6%: http://www.prisonplanet.com/real-u-3-unemployment-rate-11-6.html

[5] ‘Real’ Unemployment Rate Shows Far More Jobless: http://www.prisonplanet.com/real-unemployment-rate-shows-far-more-jobless.html

[6] Labor Force Participation Rate Drops To Fresh 25 Year Low, Adjusted Unemployment Rate At 11.7%: http://www.prisonplanet.com/labor-force-participation-rate-drops-to-fresh-25-year-low-adjusted-unemployment-rate-at-11-7.html

[7] Persons Not In Labor Force Who Want Job Now Jumps To All Time Record; Real Unemployment Rate At 12.8%: http://www.prisonplanet.com/persons-not-in-labor-force-who-want-job-now-jumps-to-all-time-record-real-unemployment-rate-at-12-8.html

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