How far off is the real number of unemployed to the “official” number? You have to look deep into the Bureau of Labor Statistics monthly report to find this out. Buried in footnote U-6 of Table A-12 of the monthly report is a rate of unemployment that comes pretty close to the actual number of people out of work and who want to work.
As you might have already guessed that real rate is a lot higher. For example, here are the unemployment numbers for January 2009. The official unemployment rate states that 7.6% of the workforce is unemployed. The real rate (people who want a job but can’t find one) is 13.9%. Scroll down to page 23. It is listed in the bottom right-hand corner.
You can read more here.
Thursday, February 26, 2009
Posted by Chris F. at 6:38 AM