Real Unemployment Rate Is at Least 18 Percent

Breitbart ^ | 29 Jul 2014 | Peter Morici

[khelus]

Friday, the Labor Department is expected to report the economy added 235,000 jobs in July, and the unemployment rate remained steady at 6.1 percent, but that hardly tells the story.

The jobless rate may be down from its recession peak of 10 percent, but much of this results from adults, discouraged by the lack of decent job openings, having quit altogether. They are neither employed nor looking for work.

Only about half of the drop in the adult participation rate may be attributed to the Baby Boom generation reaching retirement age. Lacking adequate resources to retire, a larger percentage of adults over 65 are working than before the recession. ...............

[khelus]

The title says it all.

If you go over to ShadowStats the real unemployment rate is just under 25%.



The blue line on the graph =

all those listed as unemployed,

all those who are working part time but need full time,

plus it adds back in all those who have been conveniently removed from the labor force but need jobs

From the article:

"The economy has created only about 6 million new jobs during the Bush-Obama years, whereas the comparable figure during the Reagan-Clinton period was about 40 million. A recent study by the Center for Immigration Studies indicates that virtually all the new jobs created since 2000 went to immigrants, whereas none were created for native-born Americans."

Note: 'immigrants' include illegals. The BLS doesn't differentiate between them. They are preferred because they are a cheap, desperate, compliant source of labor from cultures comfortable with big government subsidizing them and identity fraud.

The Middle Ages Redeux.

[DonaldC]

The jobless rate may be down from its recession peak of 10 percent, but much of this results from adults, discouraged by the lack of decent job openings, having quit altogether. They are neither employed nor looking for work.

If this is true, then the unemployment rate as reported by the gov is accurate. People no longer looking should not be counted.

[Dilbert San Diego]

Do we still do recovery summer?

I think that summer 2010 was recovery summer? How did that turn out?

Wasn’t Joe Biden tracking the spending on Porkulus, and was supposed to report back to Obama how it all went down???

What ever happened with Porkulus? Did we ever get an accounting of the results of that spending???

[Jim Noble]

People no longer looking should not be counted

Why not?

This is a binary statistic. Perhaps there are other, better ones, but this is the one we are dealing with.

People who are no longer looking. Are they "employed"? If they are not, then they are "unemployed".

[DonaldC]

I could care less the status of non working people who are NOT looking.

[sr4402]

all those who are working part time but need full time

That's the big secret the Obama Administration does not want you to know. That the majority of jobs created by the Gigantic Stimulus Program (ie more spending than all US Wars combined) were PART TIME. And of those most went to non-americans (ie Illegal Aliens).

What did we expect when Obama was elected?

[devolve]

-

- barter, trade, “do favors for friends”, etc.

- screw Muzzie Hussein Obama and the crooked IRS -

- are you subsidizing illegal aliens Obamacare, food stamps, medical care, housing, legal aides, welfare, etc.?

- yes you are -

- are you insane or just a dumb loser?

- go play golf with your idiot messiah -

-

[PTBAA]

I think you should, given that most of them will end up in the wagon you are pulling.

[Praxeologue]

It is a legitimate unemployment number, DonaldC. From shadowstats:

The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.

[Jim Noble]

You may not care about unemployment, but unemployment cares about you.

[DJ MacWoW]

5% Carry 100% of Free Republic Expense

Click The Pic To Donate

Support FR Or Lose It

[Praxeologue]

http://www.forbes.com/sites/greatspeculations/2012/10/16/why-jack-welch-has-a-point-about-unemployment-numbers/

[ScottfromNJ]

“I could care less the status of non working people who are NOT looking.”

The BLS assumes they’re not looking.

[khelus]

“I could care less the status of non working people who are NOT looking.”

The BLS assumes they’re not looking.

One of the cool things about the formulas used by the BLS to apply the results of their Household Survey to the general populace is their flexibility which allows them to adjust data 'as needed'.

[Socon-Econ]

The undeserving disability slackers should also be counted as unemployed.

[JimRed]

I’ve been calling it “at least 15%” for the last couple of years. I’ll have to update myself!

[Praxeologue]

The Household Survey includes people who were not asked if they want a job as people who "do not want a job now". However, there must be more to John Williams' "long-term discouraged" workers number, which would have to be around twenty million. The 1994 change excluded workers who had not searched for twelve months, but that number, per the current Household Survey, is only 3.9 million. The Krugmans of the world and other loose money advocates just conclude that Williams is wrong and a conspiracy theorist on all counts, not just unemployment.

If you are aware of the labor market, then you know the real number is much higher than reported. How do you prove it, though, and how do you assess what appear to be serious shortcomings in Williams' methodology?

[JimRed]

The undeserving disability slackers should also be counted as unemployed.

That's one of the few government jobs that needs to be expanded: catching the phony disability claimants and multi-identity welfare recipients.