Unemployment Is Worse Than You Think… and is NOT Getting Better
by admin on Jan.21, 2010, under Uncategorized
This is NOT an example of the Obama administration toying with unemployment figures, this is the way unemployment is calculated. But to suggest that the unemployment rate is “holding steady” and claim that indicates some kind of recovery is utter nonsense. The fact is the economy continues to shed jobs at an alarming pace, and the unemployent rate has stopped climbing simply because we are no longer counting the long-term unemployed at about the same rate we accrue newly unemployed workers. Which means the actual number of unemployed people is growing now at about the same rate it was climbing when those being dropped from the calculation lost their jobs, resulting in the rate holding steady.
In other words, we are losing jobs now almost exactly as fast as we are dropping the long term unemployed out of the labor force completely.
Unemployment continues to stand at an official 10% for the third month in a row, the worst joblessness in 27 years. The real unemployment rate is far worse. Included in the December economic figures was a shocker – the percentage of adult men who are working has fallen to the lowest level in recorded U.S. history at just 80%. That means that one in five men in this country between 18 and 54 are neither working nor claiming unemployment. They have fallen completely out of the workforce.
That helps explain why December’s unemployment rate remained at November’s 10% rate in spite of an additional 85,000 Americans losing their jobs. At the same time the new jobless claims were added, many of the previously unemployed were simply removed from the workforce numbers altogether.
http://biggovernment.com/2010/01/13/americas-new-years-unemployment-hangover/
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