Bob Cropf

Posts Tagged ‘unemployment rate’

Unemployment figures are under-reported

In economics, stimulus, Unemployment on February 12, 2009 at 11:06 AM

Last night, in class we talked about under-reporting of the unemployment figures. This is the subject of this Economic Policy Institute website article. The report asserts that actual employment is weaker than the official unemployment rates suggest. the real unemployment rate is probably closer to 10 %. Even at 7.6%, this is the highest unemployment rate in over sixteen years. In his address to the nation on Monday night, President Obama said that the jobs lost in January alone was equal to all of the workers in Maine. Even more startling is the fact that since November 2008, 2.8 million people have lost their jobs. Since the recession started in December 2007, 3.5 million people have become unemployed–that’s more than the total population of Chicago! Bear in mind, however, that in calculating these numbers they did not include those who have dropped out of the job market (or never entered) and it doesn’t include the under-employed.