Our government reports the U3 number. This is the 9.7% that is being reported today. If you want to see a real picture, you should look at the U6 number.
The classifications are:
U2: Percentage of labor force who lost jobs or completed temporary work.
U3: Official unemployment rate per ILO (International Labour Organization Definition. The International Labour Organization (ILO) is the tripartite UN agency that brings together governments, employers and workers of its member states in common action to promote decent work throughout the world.
U4: U3 + "discouraged workers", or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
U5: U4 + other "marginally attached workers", or "loosely attached workers", or those who "would like" and are able to work, but have not looked for work recently.
U6: U5 + Part time workers who want to work full time, but cannot due to economic reasons (underemployment).
So, as you can see if you look at the U6 nuimber it includes ALL persons who would like to be working full-time. We could call the U6 unemployed and Underemployed. Now I'm not saying that this administration is not telling the truth. Like the previous administrations they are only reporting the U3 numbers which only report some of the truth. And yes, we follow the guidelines of reporting the U3 per the UN definition.
Here is another chart from ShadowStats.com that reports the U3 and U6 numbers.
Their chart is not as promising...
No comments:
Post a Comment