The unemployment number is way off
Jul 19, 2013 16:51:18 GMT -5
Post by popcorn on Jul 19, 2013 16:51:18 GMT -5
The unemployment number is way off 
A former Bureau of Labor Statistics head says actual joblessness is closer to 11%. Voices from the left and right, and even the Fed, seem to agree
The Bureau of Labor Statistics' unemployment data is wrong because it's simply not counting people currently out of the workforce who firmly believe there just isn't a job out there for them.
That's not some government critic's rant or some right-wing conspiracy: It's the view that Keith Hall, who led the Bureau of Labor Statistics from 2008 until last year, shared with the New York Post on Tuesday. He backs it up by pointing to the BLS employment-to-population ratio, which says only about 58.7% of the available workforce is employed. That's below the pre-recession peak of 63% and roughly the same as it has been since August 2009.
That leads Hall to believe that the actual unemployment rate is about 3% higher than the stated 7.6%, or closer to 11%.
read more:
money.msn.com/now/post--the-unemployment-number-is-way-off
A former Bureau of Labor Statistics head says actual joblessness is closer to 11%. Voices from the left and right, and even the Fed, seem to agree
The Bureau of Labor Statistics' unemployment data is wrong because it's simply not counting people currently out of the workforce who firmly believe there just isn't a job out there for them.
That's not some government critic's rant or some right-wing conspiracy: It's the view that Keith Hall, who led the Bureau of Labor Statistics from 2008 until last year, shared with the New York Post on Tuesday. He backs it up by pointing to the BLS employment-to-population ratio, which says only about 58.7% of the available workforce is employed. That's below the pre-recession peak of 63% and roughly the same as it has been since August 2009.
That leads Hall to believe that the actual unemployment rate is about 3% higher than the stated 7.6%, or closer to 11%.
read more:
money.msn.com/now/post--the-unemployment-number-is-way-off