Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The "Real" unemployment rate (the U-7 rate) is not a secret and IS reported (and has been since 1995). It's just not the primary number reported. The old number continues to be the "main" number reported because to change your measurement standards in mid-stream would tend to skew the statistics. It's not a secret though and is reported just like the standard unemployment rate numbers are.
Ken
I understand it's not a secret, but I don't think people quite realize what the baseline is...and then it makes the stat look worse.
Every aspect of the labor market in September was negative. The labor force participation rate fell to 65.2 percent, the lowest point of this recession and the lowest rate in 25 years. The unemployment rate increased by only 0.1 to 9.8 percent, but the unemployment rate would have been higher had 571,000 not left the labor force. The male unemployment rate reached 10.3 percent, the highest level since the Great Depression. The labor market for teenagers reached an all-time low. Their unemployment rate is now 25.9 percent, the highest recorded level. Their participation in the labor market reached an all time low of 36.9. This means that fewer teenagers than ever before are trying to work, and those teens are less likely to be employed than during the Great Depression.
The weekly hours of work ticked down by 0.1 to 33.0 hours per week. Hourly wages grew by only 1 cent, so average weekly wages fell, as the drop in hours more than offset the wage growth of one penny.
Job losses were widespread, with every sector losing jobs.
Quote:
The unemployment rate will probably remain high for the foreseeable future. Looking forward, few sectors of the economy seem close to creating jobs. The construction industry has shed 1.5 million jobs since December 2007, and the manufacturing sector has lost over 2 million jobs. Neither of these sectors is likely to add jobs in the near future.
• BLS Revision Nightmare: March 2009 Payrolls Overstated by 824,000 • Birth-Death Model Falsely Boosting Jobs Reporting in Recession Environment • Monthly Jobs Loss of 263,000 (Payroll Survey) versus Monthly Employment Decline of 710,000 (Household Survey) • September Unemployment Rates: U.3 = 9.8%, U.6 = 17.0%, SGS = 21.4%
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
