RE Report
The real unemployment rate released on July 2nd by the Bureau of Labor Statistics is now 16.5%, a full 7 points higher than the officially reported rate.
The June numbers from the Bureau of Labor Statistics, using the bureau’s expanded “U-6″ rate, show an amazing 16.5% rate of unemployment, not the 9.5% that was being reported.
The real rate includes marginally attached or ‘discouraged’ workers which the BLS reports- “Are neither working nor looking for work but indicate that they want and are available for a job.” Or full-time workers who have been relegated to part-time workers.
It does not include self-employed workers whose incomes have severly diminished. It doesn’t look at former full-time staff employees who have accepted short-term contracts without benefits and at a fraction of their former salaries.
The current downturn has pushed up unemployment rates over any previous postwar recession in the nations history. From 4.9% at the start of the recession to the current (official – but synthetic) rate of 9.5%.
The government and the liberal media will not publicize the REAL data, because they are fighting a propaganda war. Spending Billions upon Billions of tax payer money in a futile attempt to save the failing economy.
We won’t even get into the long line of other issues that will keep the US economy from recovering anytime soon- such as the mounting tide of loan defaults, foreclosures and small business/retail failures coming down the pike.
The White House has finally admitted that “the unemployment rate is much higher than we thought it would go and it may even get worse”
Gee, no kidding. How about 11% and maybe higher in all likely hood. So, how’s that change working out for you?
1 Comment
June 29, 2009 at 01:07
keep an eye out for volume of motorcycle, atv and boat traffic. Also some people through out the country are abandoning their boats. the atm-home equity, has all but dried up.