What’s the real unemployment rate? (cont)
New job numbers are out (yesterday’s post was referring to Oct Job Data) and the new official unemployment rate is 6.7%
The more accurate rate is 12.5%, which includes (1) people who want full time jobs but can only find part time jobs, (2) people who want a job but can’t find one and gave up, and (3) people who aren’t counted because their unemployment benefits ran out.
While listening to the news this morning, I heard that the “average work week” dropped to 33.5 hours. I never understood why this was important until I realized that “official unemployment” numbers don’t include people who work but want to work more.
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[...] unemployment shooting up (last month we had 12.5% unemployment), with stocks dropping like a rock, and with a depression looming, Congress has given themselves a [...]
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