“According to the msm number (U3?) its about 4%. I’d rather use the correct number”
Is U3 an accurate correct number to use to represent unemployment?
I don’t remember which is which. There are several calculations. One counts unemployed who are still receiving unemployment benefits. Another includes those who are chronically unemployed whose benefits have expired and have given up seeking work.
I think that one is closer to 9%. It’s more accurate but it would be political suicide to go from 4% to 9% overnight. The media would have a field day spinning that one.
Is U3 an accurate correct number to use to represent unemployment?
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As I recall, the U3 only includes those drawing unemployment wages and people still actively applying for work. The U6 includes those PLUS the unemployed who have dropped out of searching for work and those whose unemployment wages have expired. ...Thus, the U6 is more accurate and much higher; which explains why the Obama Admin. always used the U3.