Unemployment “to exceed” 20%
January 7, 2010
Evidently there is a nasty rumour floating that the U-6 measurement from the http://www.bls.gov site will reflect a “greater than 20%” figure for the upcoming report. Currently it’s most recent report is from November 2009 and the next report isn’t due out yet, this is the one is question. We were told “don’t be shocked to see something in the 20% or greater” area.
In many industries, such as marketing and ad agency jobs the unemployment rate has already exceeded that figure.
The U-6 has been pushed more and more recently as the standard for measuring unemployment due to the number of individuals that are being dropped off the U-3 not because they found a job, but rather because they have been unemployed for such an extended period of time that their benefits have run out, hence counting them as employed, though they have no job.
In other words, the U-3 is becoming less and less accurate during the great recession.
Recently we have become more and more vocal about our opinion that the U-3 needs to be substituted with the U-6 due to this glaring error in unemployment reporting.
Hopefully this is just a rumor and unemployment hasn’t reached those figures, but looking around… I wouldn’t say this rumor is too off.
Every day images are drawing more and more parallels.
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