True. 7.7% only represents those who are collecting unemployment benefits. The U6 (last I checked and the best guess they can make ) is at 15.9% unemployment.
It all depends on who the administration decides to count and report on (or which number makes Oboma look better).
Jobs have been dropping like flies in an insecticide plant, yet the "official" number of unemployed is going down just as fast. That doesn't raise any red flags for you?
I bolded the most important sentence for you. Please stop spreading false information. It's hard enough to discuss economic statistics as it is, without someone entertaining a misconception.The UI figures are not produced by the Bureau of Labor Statistics. Statistics on insured unemployment in the United States are collected as a by-product of UI programs. Workers who lose their jobs and are covered by these programs typically file claims ("initial claims") that serve as notice that they are beginning a period of unemployment. Claimants who qualify for benefits are counted in the insured unemployment figures (as "continued claims"). Data on UI claims are maintained by the Employment and Training Administration, an agency of the U.S. Department of Labor, and are available on the Internet at: http://workforcesecurity.doleta.gov/unemploy/claims.asp.
These data are not used to measure total unemployment because they exclude several important groups. To begin with, not all workers are covered by UI programs. For example, self-employed workers, unpaid family workers, workers in certain not-for-profit organizations, and several other small (primarily seasonal) worker categories are not covered. In addition, the insured unemployed exclude the following:
- Unemployed workers who have exhausted their benefits
- Unemployed workers who have not yet earned benefit rights (such as new entrants or reentrants to the labor force)
- Disqualified workers whose unemployment is considered to have resulted from their own actions rather than from economic conditions; for example, a worker discharged for misconduct on the job
- Otherwise eligible unemployed persons who do not file for benefits
In Greece the unemployment rate for the young (as in college grads) is 60%!
Just wait.