February Unemployment Rate: 16.8%, up from 16.5%

[Political Heretic]

I thought it might be nice to tell the truth about unemployment for once. So let's use the number that is the most accurate barometer of unemployment conditions that the US government has, even though its the least reported.

Source: http://www.epi.org/analysis_and_opinion/entry/unemployment_stays_at_9.7">The Economic Policy Institute

The Bureau of Labor Statistics reported on Friday that 36,000 payroll jobs were lost in February, though a portion of that decline may have been due to the record snowstorms of February 4 - 11 in the eastern United States. The household survey, which produces the unemployment rate, was likely less affected by the storms, and also showed conditions in the labor market holding steady in February, with the unemployment remaining at 9.7%.

However, the “underemployment rate” (which includes not just the officially unemployed, but also jobless workers who have given up looking for work and part-time workers who want full-time jobs) rose from 16.5% to 16.8%, offsetting some of the gains made in January, as the number of involuntary part-timers increased by nearly half a million workers.

What we see in this report is essentially a job market on pause. The pace of decline has slowed dramatically, but jobs are not being created to put this country’s nearly 15 million unemployed back to work.

So if you're an optimist, you can hope that this "pause" in the job market, and the slowing pace of decline in jobs means we are at the bottom and ready to start our way back up.

However, if you're following the economy closely, you'll be aware that we have the upcoming fallout from the commercial housing market yet to experience. The fallout from the private housing market was enough to crash our economy the first time, so... brace yourself.

The 9.7% number is the U3 employment number a number that excludes many workers who desire full time employment but can't get it. It does not include those involuntarily employed part time (i.e. need full time work, want full time work, but can't get full time work) and those who are discouraged (need full time work, want full time work, but have been unable to find it for so long that they've stopped looking)

Every bit as legitimate, in fact painting a much more truthful picture of the rate of unemployment in the country is the U6 number, which counts all those wanting full time unemployment but unable to find it.

It's the much less politicized number. It dropped a point in January, only to tick up again this month, up to 16.8%

[bvar22]

1. K&R...back UP to +4.

There are people at DU who don't want YOU to have this information.

[WhiteTara]

2. it's pretty depressing

so maybe that's why.

[NJmaverick]

3. Yeah any DUer that believes in operating with facts

facts like underemployment is not the same as unemployment so this is a false headline.

[Political Heretic]

6. The US Department of Labor considers it Unemployment.

In fact, its Unemployment(6). The sixth of six cacluations of the state and rate of unemployment in the country.

Unemployment, by the USDL definition means: lacking full time employment.

The heading states that the unemployment RATE is 16.8%, and this is exactly that the Department of Labor says.

Try to get your own facts right first, ok?

[bvar22]

7. Are you going to argue "statistics"...

..or "facts"?

Here are some FACTS:
*There are MILLIONS of people who want to work and can't find jobs.
*There many more MILLIONS who are working for LESS.
*The availability of Good Paying Jobs with benefits is declining
*It isn't getting any better.
*There are no FAILED Wall Street Bankers in the unemployment lines.

THOSE are FACTS.

[galileoreloaded]

9. Man, you are on message more than a Republican. Somebody needs

to hire you as a lobbyist man, you are really good at this stuff!

[invictus]

4. K&R

[Donnachaidh]

5. ahhh, the smell of the spin has been blown away

Thanks PH! K&R.

[tritsofme]

8. U6 unemployment should be viewed in context. In the best of times it sits around 8-10%

It peaked in October 2009 at 17.4%, so we have seen at least some improvement.

The BLS releases six measures of unemployment each month, U3 is the official rate. U6 is the broadest measure, that does not mean it is most accurate.

[Political Heretic]

10. True, and thanks for making this point.

In the best of times or the worst of times, I think that the U6 number is a more honest accounting of the state of working America. But it's true that it shouldn't be compared to a U3 number for the "best of times" but rather to a parallel U6 number for the "best of times."