Thursday, April 9, 2009

What is the Real Unemployment Rate?

Well, it's not the 8.5% that is generally being reported. That number is flawed because it excludes several categories of people who are suffering job income loss but do not fall within the very narrow, technical definition of unemployment used by the Federal Bureau of Labor Statistics.

As usual, Mish Shedlock has an excellent post explaining this shell game in easy to understand detail. Read it here.