U.S. jobless rate misses "hidden" unemployed

[Justice]

From this morning's Globe (which I didn't read until now) so it is no longer LBN.

http://www.boston.com/business/articles/2004/06/14/us_jobless_rate_misses_hidden_unemployed/

Buried inside the official U.S. employment report each month is a little-known figure that gives a much less rosy picture of the labor market than the headlines.

The government agency that produces the data also publishes an alternative measure that tries to capture the hidden unemployed, those who are not included in the official unemployment rate for various statistical reasons.

That broader measure is dramatically higher, at 9.7 percent in May, compared with the official level of 5.6 percent.

That's an extra 5.96 million people, in addition to the 8.2 million "officially" unemployed, who are waiting on the sidelines and may at some point step back into the labor force.

[Catfight]

1. Um, anyone hear how bankruptcy's are rising?

[NMDemDist2]

2. 9.7 sounds about right

i never could figure how they had a number below 6% in this economy.

Oh wait, yes I do, refuse to legislate unemployment benefit extensions. D'oh!

[lovedems]

3. They keep painting this rosy picture and I haven't talked to

anyone who is buying it.

It just shows the chimp is like his dad, out of touch with the troubles of the nation.

Well, maybe he knows exactly what's going on and how many are *really* unemployed. But then he would have to open himself up to being ashamed of himself for ignoring the problem or pretending it doesn't exsist.

[Skittles]

5. we all know people who are looking for work

people who are underemployed, people unhappy with their jobs but who know job searching is futile. They may as well try to convince us gas is stil $1.30 a gallon.

[lovedems]

6. I always get soooo pissed off because my husband has been

unemployed for going on 1 year June 30. He is a network administrator and it isn't a matter of the competition being tough, it is a matter of THERE AREN'T ANY FRIGGIN' JOBS! There's very little for him to even apply for!

The one job he was offered was an insult because they wanted to underpay him to the tune of 1/2 of what he normally makes. With a family it would have been a struggle, to say the least. He is kicking himself for not taking the job but he was so insulted at their salary with his qualifications, he told them to take a hike. I don't think he anticipated it would take *this long* to find a job.

It is just disgusting how shameless this administration is.

[mongo]

8. you have my sympathies

The tech jobs have been hit especially hard. If he's over 40, it's even harder. Employers don't like to pay the increased health care costs.

I was an old school COBOL programmer for 18 years when I got laid off. I sent out a resume to every job listing I could find, for 18 months without 1 single interview.

Good thing we had already started thinking about opening this business when I was laid off...

[lovedems]

9. Thank you!

:grouphug:

He is in his early 30's. There are some days he seems totally depressed, other days hopeful. Our life under the chimp has really sucked.

[Parche]

4. gw bush lies

They can lie about the Terra threat levels and attacks
They can certainly lie about the unemployment levels

[On the Road]

7. They've Got to Come Up With Another Measure

I mean, what do serious economists or stock market analysts look at? There are people who need to know exactly what the real picture of the economy is. Employment numbers are one measure, but there should be others.

There's that U6 number that includes more sources of unemployment, and that's much higher than the official rate.

[Frodo]

11. That's the number they're talking about.

U6 is what's being reported here as 9.7%

[Laughing Mirror]

10. It is much worse than 9.7 percent among African-American working-age

males in New York City. It's 51 percent, according to a Community Service Society report in February, cited by Charlie Rangel.

I'm glad that this Boston Globe article mentioned the working-age population in prison not counted. Gore Vidal brought this up years ago, said if the unemployment figures were truthful accounting, the unemployment rate would be on par with the level many countries in Europe (France, Spain, etc.) have suffered with many years.