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5/10/09

Washington Post: - Actual U.S. Unemployment: 15.8%

For the complete report from the Washington Post click on this link

The news that U.S. unemployment has hit 13.7 million, pushing the rate to 8.9 percent, tells only half the story of this recession. The total number of Americans who are not working full-time but ought to be is actually about 22 million, or 15.8 percent, according to the Bureau of Labor Statistics. Who are those other 8.3 million Americans? Call them the unofficially unemployed. Each time the Bureau releases the monthly unemployment figure, it does not include many out-of-work Americans. "In the case of the monthly jobs report, the Labor Department contacts 60,000 households to determine the unemployment picture for the entire workforce, which consists of about 154 million Americans." The problem with this methodology is that it does not include millions of Americans who are not working full-time who ought to be. Those, in the bureau's words, who are "marginally attached to the labor force."

Those numbered an additional 2.1 million Americans in the first quarter of this year, the bureau said. Alarmingly, that number was up 35 percent from the first quarter of 2008.

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