labor department: The "Real" Unemployment Rate Hits 15.8%
- 05/11/09 10:40 AM
According to the consistently inaccurate Labor Department, the "real" or U-6 unemployment rate hit 15.8% in April. The reason I say "consistently inaccurate" is because for the past six months the Labor Department has underestimated the number of monthly job losses by an average of over 15% per month, only to at a later date revise the number higher once no one is paying attention. The real unemployment rate includes three types of workers that are not part of the more publicized U-3 unemployment number: 1.) Marginally attached workers - people that want a full time job, have looked for one in the … (32 comments)
labor department: The Labor Department's Consistently Inaccurate Jobs Report
- 05/09/09 08:10 AM
The Labor Department released its consistently inaccurate jobs report on Friday showing that an additional 539,000 Americans lost their job during the month of April. The reason I bring up the "consistently inaccurate" statement is not out of personal opinion but rather past performance. For the past six months, the Labor Department has woefully underestimated the monthly number of job losses only to retrace the data and increase the number of job losses once the data is out of the limelight. Here is what the Labor Department has initially published for monthly job losses when compared to their revised findings. Initial / … (4 comments)
labor department: Casey Kasem, job losses, and the housing market
- 01/23/09 06:44 AM
The Labor Department announced yesterday that new claims for unemployment benefits increased more than expected to a seasonally adjusted number of 589,000, up from 527,000 the week earlier. As I have written about before, the "real" unemployment rate in December of 2008 was actually 13.5%. This broader unemployment number, the 13.5%, is likely to increase again in January based on these weekly claims. Why does this matter? Other than the fact that millions of Americans are finding it very difficult to obtain full time work and support their families, it also means fewer people are going to be buying homes (less … (3 comments)
According to the consistently inaccurate Labor Department, the "real" or U-6 unemployment rate hit 15.8% in April.
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