An Ol' Broad's Ramblings
The presstitute media attributed the drop in the headline unemployment rate (U3) to 7.7 percent from 7.9 percent to the happy jobs report. But Rex Nutting at Market Watch says that the unemployment rate fell because 130,000 unemployed people who have been unable to find a job and became discouraged were dropped out of the U3 measure of unemployment. The official U6 measure, which counts some discouraged workers, shows an unemployment rate of 14.3 percent. Statistician John Williams’ measure, which counts all discouraged workers (people who have ceased looking for a job), is 23 percent.
In other words, the real rate of unemployment is 2 to 3 times the reported rate.
Read the entire column here.
I think it would be in the people’s best interest to count ALL the people who are unemployed!