Diary

What The Latest Unemployment Figures Really Tell Us

At first reading, I thought well, maybe the economy truly is turning around. But then I started reading the analysis pretty carefully. It didn’t take long to come to the conclusion that while adding 290,000 jobs nationwide is always a good thing, when 77,000 of those jobs are temporary federal jobs created by hiring 2010 census workers, we have a long way to go before we can declare the recession over.

Experts talk about a jobless recovery. To me, that’s no recovery at all. It may bode well for Wall Street and big corporations, but it sure doesn’t help the average person, who is struggling to find a job just to feed their family. Unemployment in America is a major problem and it is one that we must solve.

Although the Obama Administration prefers to focus on the good news in the latest report by the bureau of Labor and Statistics, we also have to pay close attention to the fact that the unemployment rate rose from 9.7% to 9.9%. Some experts say that is just because people who have stopped looking for work are back looking. That is misleading.

The American people never give up looking for work, and what the Obama Administration doesn’t tell you is that the statistics kept by the Labor Department don’t include the true unemployment figures. For example, there is a statistic called U-6, which is generally accepted to be the true unemployment rate, but is never referred to by any government agency.

The Bureau of Labor and Statistics admits that “U-6: Includes the unemployed, marginally attached workers, and part-time workers. This calculation is considered the real unemployment rate because it includes the general population’s idea of unemployment.”

The actual number of unemployed in America is estimated to be over 17% of our population presently employed. That is a staggering figure and these are the people that most need our help.

Cross posted at Tom Ganley.com