The Real Unemployment Rate: 21.5%
July 2nd, 2010
If you’re only paying attention to President Obama, the Bureau of Labor Statistics and the mainstream media, you’d think that the employment situation in America was getting much better.
The BLS reports that the unemployment rate dropped from 9.7% in May to just 9.5% in June. The recovery is well under way if you’re simply looking at headlines.
The fine print, however, tells a different story.
First, for those unaware of what the 9.5% reported rate for June means, it’s referred to by the BLS as the U3, or, the “official” unemployment rate. Here’s a basic definition of the U3: