Monday, 5 October 2009

US Unemployment Figure Soars to 17%

Luckily, the Bureau also releases figures which add back “Discouraged Workers. That figure rose to 10.2%. Better still is their “U-6″ measure of unemployment which adds back discouraged and underemployed (those who can only find part time jobs) workers. That measure of unemployment rose to an eye popping 17%!

These figures are likely to be revised in coming months. These numbers are preliminary "estimates" until more data is assembled. Over the last year or so the jobs figures have been much worse than originally reported. I wouldn't be trusting the government stats very much at all- they are cooking the books as much as they can to make the economic situation seem better than it really is.

[Posted at the SpookyWeather blog, October 5th, 2009.]

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