We keep getting unemployment reports that have little to do with true unemployment. It’s yet another case of the reporting chicanery that the executives of a private enterprise would be arrested for.
Right now the unemployment rate is supposedly a bit more than 5%. The media tells us so, and they are out to report on all they can find, or so they say.
But if you look deeper in the official report’s U-6 unemployment rate, which includes folks who are underemployed and seeking full-time jobs that they can't find, that rate is still over 9%.
In short: The U-6 number doesn't include those who have given up seeking work.
I would suggest viewers look up the Bureau of Labor Statistics site at bls.gov for details on the different facets of unemployment the media forgets about. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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