Unemployment figures are misleading. The standards for measuring the workforce are not constant. How many folks are actually looking for work can be a matter of debate because many have given up seeking employment.
The current official unemployment figure of about 9% is far below the actual.
But that is not all there is to the unemployment problem. The critical factor is loss of jobs after about six months of being out of work. That number is not easily offered up to the public.
Long-term unemployment involves the loss of skills or results in less-sharpened skills. Along with poor on-the-job psychology and poor spending psychology. That is never reflected in a number.
Companies will hire less and spend less. A vicious cycle then occurs. ( See the Earl J Weinreb NewsHole® comments.)
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