I saw this on Drudge, but Pundit grabbed it first… so here you go. And if you’re not already following Pundit, Why Not?
None of them will tell you this: If you, a family member or anyone is unemployed and has subsequently given up on finding a job — if you are so hopelessly out of work that you’ve stopped looking over the past four weeks — the Department of Labor doesn’t count you as unemployed. That’s right.
Jim Clifton writes: Here’s something that many Americans — including some of the smartest and most educated among us — don’t know: The official unemployment rate, as reported by the U.S. Department of Labor, is extremely misleading.
Right now, we’re hearing much celebrating from the media, the White House and Wall Street about how unemployment is “down” to 5.6%. The cheerleading for this number is deafening. The media loves a comeback story, the White House wants to score political points and Wall Street would like you to stay in the market.
“There’s no other way to…
View original post 390 more words
February 4th, 2015 at 8:50 pm
Yep. I saw this one. It really does tell a more complete story.
You could have full employment (meaning something like 4%, structural unemployment) and be in the middle of the worst depression ever — depending completely on the nature of the nation’s jobs.
If the nation is “fully employed,” but overrun with menial part-time jobs, then the economy is nothing less than horrible.
February 4th, 2015 at 9:41 pm
I seems like not long ago there were certain politicians referring to part-time low wage jobs as “burger flipping jobs” with derision. Oh how things change.