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The ‘Real’ Jobless Rate: 17.5% Of Workers Are Unemployed

Posted By admin On December 3, 2009 @ 11:25 am In U.S. News | Comments Disabled

Jeff Cox
CNBC [1]
Thursday, December 3, 2009

As experts debate the potential speed of the US recovery, one figure looms large but is often overlooked: nearly 1 in 5 Americans is either out of work or under-employed.

According to the government’s broadest measure of unemployment, some 17.5 percent are either without a job entirely or underemployed. The so-called U-6 number is at the highest rate since becoming an official labor statistic in 1994.

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The Real Jobless Rate: 17.5% Of Workers Are Unemployed 251109banner [2]

The number dwarfs the statistic most people pay attention to—the U-3 rate—which most recently showed unemployment at 10.2 percent for October, the highest it has been since June 1983.

The difference is that what is traditionally referred to as the “unemployment rate” only measures those out of work who are still looking for jobs. Discouraged workers who have quit trying to find a job, as well as those working part-time but looking for full-time work or who are otherwise underemployed, count in the U-6 rate.

Full story here. [1]


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URLs in this post:

[1] CNBC: http://www.cnbc.com/id/34040009

[2] Image: http://www.efoodsdirect.com/holidaySpecial.html?aid=14&adid=14

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

[4] Greek jobless rate double that of Eurozone: Over 60% of young workers unemployed: http://www.prisonplanet.com/greek-jobless-rate-double-that-of-eurozone-over-60-of-young-workers-unemployed.html

[5] Jobless Rate Actually Stands at 11.5%: Roach: http://www.prisonplanet.com/jobless-rate-actually-stands-at-11-5-roach.html

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

[7] 1 in 4 Greek workers unemployed as joblessness hits record 25.4%: http://www.prisonplanet.com/1-in-4-greek-workers-unemployed-as-joblessness-hits-record-25-4.html

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