The Ugly Truth in the Jobs Report

By Mike

Hearing the mainstream media breathlessly report that the unemployment rate declined to 8.5% makes it sound like all is well and the economy is mending. Unfortunately, there's more to the story.

The official unemployment rate, called “U-3” by the Bureau of Labor Statistics (BLS), doesn’t include discouraged workers who gave up looking for work, nor does it include people working part time who want full time jobs. “U-6” is the real unemployment number, and it stands at a whopping 15.2% in Dec 2011. (See BLS Labor Underutilization for details) Read More: