Unemployment much worse than statistics report

[xray s]

http://www.dailyherald.com/business/business_story.asp?intid=3788515


August numbers from the Labor Department found a 6.1 percent unemployment rate, or about 8.9 million people out of work. But in its analysis of other monthly data from the Bureau of Labor Statistics, outplacement firm Challenger, Gray & Christmas Inc. found the real unemployment rate was 9.1 percent, including those who want work but have stopped looking.

Also, the BLS found a surge in August - to 232,000 - of people who called themselves self-employed.

"Counted among the employed, some of these individuals may be merely masking their non-working status as a self-esteem builder," the Chicago-based firm said.

Another behind-the-headlines figure concerns teen workers. More than half of those ages 16 to 19 are unemployed and have abandoned their job hunt. The 8.97 million teens out of work last month represented a 38-year record, Challenger Gray said.

[rfranklin]

1. This is good...

This means cheaper labor, great real estate bargains, and mo' money for us capitalists.

[bahrbearian]

3. yes more forecloseure's to feed on

good deals on used car's

[jburton]

6. Collections

I'm 'underemployed' now and constantly searching for better.

It's amazing the surge in the past year of job postings for collection agents. I run into these job ads all the time, even though it is not related to my field in any way.

Bush Economy: creating jobs for collection agents and repo-men.

[Prodemsouth]

2. Dem candidates need to keep saying 9.1 unemployement and make

them defended in the same way the earlier poster said it was good. I don't think the poster was serious, but I could see bush defenders being serious, using those same words. The sad thing is I can see them really saying that and people buying it.

[Karen01]

4. Just from anecdotal evidence...

I have never known more people in my life who were looking for work (unsucessfully) or were under-employed. I'm an air traffic controller and it seems that this administration is even beginning to declare that air traffic is not an "inherently govennmental" job. All of the Flight Service Stations and as many as half - perhaps more - of the air traffic control towers are going to be bid out to the lowest bidder beginning in the next year or two. And how much do we want to bet Halliburton will be the lowest bidder??! I mean, they have had such a great track record in Iraq, why not let them control our skies, too! I know I won't work for the lowest bidder...
I think the neo-cons controlling this country right now have forgotten that as they slowly but surely destroy the middle class, there will be no consumers to purchase what the elitists have to sell. We're in for a bumpy ride, folks. These "real" unemployment figures are only the beginning...

[jburton]

5. And don't forget

The people who are employed at a much lower level than their experience and qualifications.

Plenty of laid-off engineers now selling retail. Thus, they aren't buying like they used to, and on and on.

And people who worked 40+hrs now working 20 hrs...still "employed".

[rapier]

7. notes

The numbers are a pile of dung.

Here is my simple rule. Multiply the offical number by two. That's the unemployment number. Then there is a significant underemployment number consisting of part timers wanting to be full time and barely employeed self declared self employed. This number is stggering if one considers that Wallmart is the largest employer in 22 states and specializes in keeping most of its employees part time. And that's only the start of it.

[Code_Name_D]

8. That explanes why

the unemplyment rate for each city is twice that of the nationl avrage.

[lancemurdoch]

9. Government gives alternatives as well

The rate we call the unemployment rate is actually the BLS's rate "U-3" - there are stricter and smaller unemployment rates (U-1 and U-2), as well as looser ones which includes people who have given up looking because they don't think they'll find anything, or who are working only part-time but would like to work full time (U-4, U-5, U-6). The unemployment rate cited is between U-5 and U-6. You'd do well to read the criticisms of how these rates are decided, although some of them are truly bizarre in comparison (like the ridiculous calculation for poverty rates, which definitely understates things relative to decades ago).

You can get the latest U-1 through U-6 unemployment figures from the government -

http://www.bls.gov/news.release/empsit.t12.htm