Saturday, 3 October 2009

U-6 employment statistic in the US at 17%

The US employment data statistics make for sober reading. Here are some comments from Mike Shedlock's blog in reference to the table above.

The official unemployment rate is 9.8% and rising. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6.

As can be seen the U-6 number currently stands at 17% which gives a better estimation of the extent of under-utilization of the US labor force (and the concomitant hard times) than the U-3 statistic.

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