Sunday, March 8, 2009

The Real Unemployment Rate

The official unemployment rate hit 8.1 percent in February-up from 5.2 percent a year ago, and a startling 0.5 percent up from just the month before.

As the current table showing "Alternative measures of labor underutilization" indicates, however, this brings the BLS's stat for the total of unemployed (including involuntary part-timers, marginally attached and discouraged workers) up to 14.8 percent for the month (up sharply from 9.5 percent the year before).

The trend is a worrisome one indeed.

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