sofia
10-18-2009, 08:29 PM
The attached link takes you to Labor Department's Bureau of Labor Statistics.
The U3 number is what the government reports to the media (9.8)
U-3 figure DOES NOT include discouraged and partially discouraged workers. But those numbers ARE included in U-5.
According to U-3, a struggling guy who cant find work, then gives up and checks into a homeless shelter or a tent, ...because he's depressed out of his mind...is actually good economic news because he has just lowered the U-3 rate!
U-6 includes people who lost jobs and are working part time but want to work full time. U-6 is at 17%....But according to media driven U-3, someone who made $70,000 per year, lost his job...but just took a 20 hour a week / $10 an hour gig waiting tables....has just lowered the U-3 unemployment rate...more good news!
BUT even the more comprehensive U-6 DOES NOT include independent contractors and small business owners who are out of work. THESE FOLKS DON'T GET w-2 forms.
Most mortgage brokers, real estate brokers, recruiters are independent contractors....and a lot of them are out of work. So, add another 2-3% to the U-6, and unemployment is actually 20%!!
THESE ARE GOVERNMENT NUMBERS
http://www.bls.gov/news.release/empsit.t12.htm
The U3 number is what the government reports to the media (9.8)
U-3 figure DOES NOT include discouraged and partially discouraged workers. But those numbers ARE included in U-5.
According to U-3, a struggling guy who cant find work, then gives up and checks into a homeless shelter or a tent, ...because he's depressed out of his mind...is actually good economic news because he has just lowered the U-3 rate!
U-6 includes people who lost jobs and are working part time but want to work full time. U-6 is at 17%....But according to media driven U-3, someone who made $70,000 per year, lost his job...but just took a 20 hour a week / $10 an hour gig waiting tables....has just lowered the U-3 unemployment rate...more good news!
BUT even the more comprehensive U-6 DOES NOT include independent contractors and small business owners who are out of work. THESE FOLKS DON'T GET w-2 forms.
Most mortgage brokers, real estate brokers, recruiters are independent contractors....and a lot of them are out of work. So, add another 2-3% to the U-6, and unemployment is actually 20%!!
THESE ARE GOVERNMENT NUMBERS
http://www.bls.gov/news.release/empsit.t12.htm