Skip to comments.Labor market is weaker than it looks: Official statistics hide large number of jobless
Posted on 10/17/2012 3:21:14 AM PDT by 2ndDivisionVet
If you want to know just how bad the labor market really is, then you need to multiply Septembers jobless rate by three.
For starters, lets recall that last months reported rate of unemployment was 7.8%. This was 0.3 points lower than in August and the lowest since the beginning of 2009. However, it was still a whopping three percentage points higher than the average rate posted in 2007.
In other words, Septembers unemployment rate may be better than a poke in the eye with a sharp stick, but it was not greeted with cheers by many households. This is because the reported jobless rate hides more than it reveals.
For one thing, the unemployment rate does not take into account discouraged workers. These are people who have stopped looking for work because they have been unemployed for so long, theyve given up. However, they would gladly take a job if one were offered.
In addition, those who have remained on the jobless rolls for over six months, the long-term unemployed, now make up 40% of the jobless. This is the highest percentage in over 60 years.
Then there are those who are working part-time but would prefer full-time employment. Others are employed as temps (without such benefits as health insurance, sick days, and so on) although they would rather have a permanent position...
(Excerpt) Read more at marketwatch.com ...
Fed X is downsizing, as is the Fitzgerald Casino in MS, economy sited according to the local biased TV media.
There is no way for the media to hide what is happening in the job market, so they’ve switched gears from “things are better” back to the 2008 mantra, “things are GOING TO GET better”. Can’t be quantified/measured, and sounds good (or at least it did 4 years ago); I don’t think anyone will buy it this time around (primarily because Obama ignored the middle class completely until 2 months ago).
43m on food stamps. that means either unemployed or under employed
140m filing tax returns... ie: the work force.
24m / 140m == 17.1% of the workforce is unemployed
These are people who have STOPPED EXPECTING THE GOVERNMENT TO PUT THEM BACK TO WORK after their unemployment benefits ran out.