http://www.currentconcerns.ch/archive/2004/02/20040201.phpVirtual US Recovery in Trouble
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But, you say, unemployment is falling? That depends how you count. Under US Labor Department methods, you are not counted as unemployed unless you are actively looking for a job. If you have given up finding one, you simply disappear as a statistic. Hundreds of thousands of jobs have vanished in this way, yet official unemployment is listed as 5.6 % of the active workforce.
The government has different measures of employment. If we add underemployed who would take a full-time job if offered, and add those who simply have given up finding any job, total US unemployment would be 10.9 %, not the headline 5.6 %. And that is only using official US government data, Table A-12, 'Alternative Measures of Labor Underutilization.' But that number is never reported to the press. Private economists suggest the real number is even significantly higher. And even using other official measures of new job creation, the job gain is lower than in any post-recession since the War.