Tuesday, September 8, 2009

The Real Unemployment Rate

Last Friday, as usual, the Bureau of Labor Statistics issued the unemployment figures for August, offering more bad (if unsurprising) news just before-as it happened-Labor Day weekend.

The U-3 rate is up to 9.7 percent, a new high in the course of the recent downturn, while the U-6 spiked even higher, by a full half point, to 16.8 percent-meaning that more than one in six members of the labor force are now included in that broader category of "labor underutilization."

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