What is the real unemployment rate?

2014-05-10T16:26:57-04:00

I made the comment today about the real unemployment rate being between 16-22% nationwide. Th reports reported on media sources claim 6.9-9%; What are your thoughts and comments and how do we address the issue?

Response by MSG Wade Huffman made May 10 at 2014 6:09 PM

2014-05-10T18:09:20-04:00

The only number that is really meaningful anymore (due to the number that have just left the work force completely) is the labor participation rate.. a number rarely talked about! The unemployment rate only counts those who are actively looking for work and excludes those that have given up.

Response by PO1 William "Chip" Nagel made May 10 at 2014 6:22 PM

2014-05-10T18:22:21-04:00

Damn Good Question and you can come up with many different numbers depending on the way you word your questions the pool of people you use, the qualifications and prereqisites. Like MSG Huffman said do you take into account those that gave up looking, How about folks like me that are Underemployed? Good one to debate.

Response by COL Vincent Stoneking made Jul 18 at 2014 4:21 PM

2014-07-18T16:21:24-04:00

I consider the U-6 rate to be the "real" number, but even that has to be taken with a grain of salt. As MSG Wade Huffman points out, without a respectable labor participate rate, even the U-6 number skews low. The U-6 counts the marginally attached, but not those who despaired over a year in the past.

In other words, that relative of yours who back into their parent's basement in 2012 and plays World of Warcraft all day every day isn't unemployed by either the U-3 (usually cited) or U-6/"real" statistics.

Response by SSG Private RallyPoint Member made Jul 18 at 2014 7:39 PM

2014-07-18T19:39:07-04:00

It's much higher than they "officially" say it is.

Response by SPC Private RallyPoint Member made Jul 25 at 2014 3:14 PM

2014-07-25T15:14:43-04:00

People have found cash jobs and other's just stop reporting it to the unemployment. If they are not reporting, then number is not accurate. The total number is higher. However, even to give a rough estimate is almost pointless dure to the fact that no one really knows for sure.