Yes, that is the way it really works, on the off chance you did not know already.
Table A-12
Table A-12 on the Bureau of Labor Statistics (BLS) Employment Report. is where one can find a better approximation of what the unemployment rate really is.
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Grim Statistics
The official unemployment rate is 10.0%. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6.
It reflects how unemployment feels to the average Joe on the street. U-6 is 17.2%. Both U-6 and U-3 (the so called "official" unemployment number) are poised to rise further although most likely at a slower pace than earlier this year.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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