Unemployment Rate Real Story- People Stopped Looking for Work
The actual unemployment rate (U-6) is 14.2%. The media ignores half the unemployed because the U-3 indicator is tied to the still falling labor participation rate.
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Unemployment Situation Is A Gooey Mess
Don Ake says that as the nature of being unemployed has changed, so has the usefulness of the traditional U-3 measure of unemployment.
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Why the Unemployment Rate Falling Is Not Good News
The unemployment numbers we hear in the media are U3 unemployment, and simply disregard the fact that most of the reduction in unemployment from its 10.0 percent peak in October 2009 has been accomplished through a significant drop in the percentage of adults working or looking for work. Discouraging employment- not finding jobs- is the real story behind the decline in the official unemployment rate.
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About That Unemployment Rate…
The unemployment rate they talk about in the press is the U-3 rate. The unemployment rate that the people in the country are really feeling is called the U-6 rate. The U-6 rate includes the unemployed, the marginally attached, and persons who are actually employed but who work fewer hours than they would like.