Posted on 10/08/2010 8:34:30 AM PDT by george76
The U.S. jobless rate was flat at 9.6% in September, but the government’s broader measure of unemployment rose even more to 17.1%, the highest rate since April and down just slightly from the October 2009 high of 17.4%.
The comprehensive gauge of labor underutilization, known as the “U-6″ for its data classification by the Labor Department, accounts for people who have stopped looking for work or who can’t find full-time jobs.
The key to the rise in the broader unemployment rate was due to a 612,000 jump in the number of people employed part time but who would prefer full-time work. Meanwhile, the number of discouraged workers and those who classify themselves as “marginally attached” to the labor force also increased.
(Excerpt) Read more at blogs.wsj.com ...
the sharp increase in the unemployment rate during late September does not bode well for the economy during the fourth quarter, or for holiday sales.
In this regard, it is essential that the Federal Reserve and other policymakers not be misled by Friday’s jobs numbers. The jobs picture could be deteriorating more rapidly than the government’s job release suggests.
without seasonal adjustment...As a result, underemployment shows 18.8% in September .
http://www.gallup.com/poll/143426/Gallup-Finds-Unemployment-September.aspx
I’m glad to see an article talking about U6! That is closer to the real unemployment rate, but even this is understated. There are people out of work for so long no Bureau of Labor Statistics account for them.
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