The REAL Unemployment Rate

 

I heard this morning that the REAL unemployment rate isn't 10.2%, what the government report said last week. If you consider the full-time work unemployment rate which includes people who are only working part-time because they can't get work full-time, those who aren't on unemployment because their benefit period ran out, and those who just stopped trying to find a job, the REAL rate is over 17%! Now of course productivity is up because fewer people are doing more work, and profits are starting to rise because the companies have cut their expenses by a lot (fewer workers). Supposedly the good news is that temporary job openings have increased slightly. This naturally follows because it is the cheapest way for employers to fill in their hiring needs with the least commitment.


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