BLS : Unemployment is 17.1%
October 8, 2010
In the official U.S. Bureau of Labor Statistics the Unemployment rate in the United States is 17.1% via the U-6 ranking.
The U-6 is defined as Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.
IE: The people where their unemployment ran out or lawyers serving hamburgers part time at $7.25 an hour at McDonald’s are counted in the U-6.
17.1% of the workforce is either unemployed or employed part time when they need a full time job to pay their bills.
This unemployment rate is a record. It’s a terrible figure.
This means that when you walk on the street, of the available workforce (IE: not retired, not minors, not disabled) nearly 20% of them have either no job or a job that severely underpays what their skillset would normally pay.
Welcome to the new reality people, where the chances are we will be seeing this near 20% unemployment for sometime. Last time we reached this level of unemployment we had to enter a major world war to get us out of it.
Terrible precedent.
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