Sunday, November 30, 2008

U.S. Unemployment Figures

The official 6.5% U.S. unemployment figure, published by the Bureau of Labor Statistics (BLS) and spouted about by many of the talking heads in the MSM, is based on the BLS U-3 standard and excludes: Marginally attached workers, Discouraged workers, Persons employed part time for economic reasons, etc.

What do these terms mean?

According to the BLS: Marginally attached workers are persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.

So then, what is the true U.S. unemployment figure?

The real unemployment figures can be garnered by looking at the BLS U-6 data, which includes all the U-3 missing (hidden) data (see chart below).

Why then does the Gvt use U-3 data vs U6?

Remember folks, the tweaked and published unemployment data is just another Gvt. misinformation campaign (like inflation, GDP and M3) used to keep the sheeple ignorant, oblivious, dazed and confused.

Click picture for better view

Bottom Line: Today's US unemployment rate is 11.8% and growing.

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