Tuesday, November 24, 2009

The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed

"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.

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."

Maybe since CNBC finally realized this reality it might mean that other "mainstream" media outlets will admit it also. Nah, probably not. They're not smart enough.....