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Will the Real Unemployment Rate Please Stand Up?



Comments (11)

  1. Ed says:

    OK, let’s use your chart all along, according to it, the real unemployment rate was above 17 % in 2010 and since, it has come down to 13.9 % in a very consistent way.
    Regardless if you use U-3 or U-6 it is the same story, unemployment went up after the Bush era and now it is coming down.

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  2. Janxon Sponge says:

    Sorry Louis, this article was not worthy of you. You’re not coming as the sophisticated analyst you usually appear to be. The BLS has been hearing this old song and dance for decades. It’s nonsense. (The champion of it is a guy called John Williams, who has started an organization called Shadow Stats.) Anyone who goes to the BLS website can see it’s nonsense. The BLS has no political ax to grind. They’re just a bunch of academics doing their best to get an accurate picture of unemployment, which is not an easy thing to do. That’s why they put out six different indexes for it. They make no secret of U6, as you yourself say. I would imagine that U3 is the most widely tracked index because it gives the best picture of unemployment ‘at the margins’ (as economists are wont to say). Which in turn, gives the best picture of the CHANGE in unemployment, which is ultimately what everyone is interested in knowing. There’s not much sense in tracking all the no-hopers and desperate souls. They just muddy the overall picture. So ironically, it’s U6 that ” misrepresents the truth and distorts what’s actually going on in the economy” not U3. Anyone harping on about U6 generally has a dishonest ax to grind and is making a play to emotions rather than reason.

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    Al Reply:

    However it does appear that many many jobs are now part time. My daughter has been looking for a year, applied to many full time jobs. Recently got three offers and they were all part time. Case in point. Virgin America recently opened at Newark Airport. They employ many people. At least on the customer service side they have only 3 full time people and a great many part time people.

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  3. Unemployed says:

    Kudos to you for finally publishing the truth about this sad job economy!!

    I haven’t stopped job searching because I can’t stop but it has been 4 years now since I lost my job. Sure, I have worked temp jobs, part time jobs and LTE jobs but still can’t find a stable, decent paying job to at least keep a roof over my head and pay the bills.

    And the jobs that are out there? hmmmpphhh! They pay 1/2 to 2/3rds what they used to pay AND, no benefits so even if employers are hiring they are totally taking advantage of good skilled people!

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  4. John Anderson says:

    The rules for unemployment have changed this year so that seasonal employees are no longer able to receive UC benefits. That’s why unemployment is down.
    Fudging the numbers always works.

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    pat v Reply:

    What about all the unemployed that ran out of benefits. How do they track them?

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  5. Larry says:

    This is information we Americans need to protect ourselves from a secret government. I am amazed at all the information. GREAT NEWSLETTER!

    THANKS, LARRY

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  6. Linda says:

    I know that Obama and his camp are doing everything to manipulate the unemployment rate statistics. You don’t even have to have a part time job to be counted as employed. If you are asked if you worked this week and you worked for one hour, you are counted as being employed, even if you are getting an unemployment check. At one time Obama had a program with three month jobs working at local businesses to make it look like new jobs were formed. It is only a scam to make the numbers look good.
    I do know that everything is not as it seems. Businesses are closing even in other towns with better prospects than ours. Businesses open for years and years have closed.

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  7. This president is totally unqualified and must be impeached.

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    norm Reply:

    He’s not just unqualified. He’s installed Islamic bureaucrats in many agencies. He’s a traitor to the US and should be arrested for treason.

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  8. Don miller says:

    I would have guessed 14 percent, wasn’t off by much and the people know the truth. They know their government isn’t anything but a bunch of liars, cheats and thieves.

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