Aug 10, 2010

The real unemployment rate is16.5%

An article at the link below reports that included in the national jobs report that came out last Friday was an important — and uglier — number that often gets lost in the noise around the official unemployment rate.

Officially, the U.S. jobless rate is 9.5 percent, but by a broader measure the rate is well into double digits — at 16.5 percent. The larger number — called the U-6 unemployment rate — counts jobless people actively seeking work but also includes those who have stopped actively looking for a job and part-time workers who want more hours.

And what about the workers who are still on the job but have had their hours cut and earn much less.

Also, not counted in the unemployed are the self employed who earned nothing -- or very little -- and are not counted in the number of unemployed.