Friday, March 5, 2010

Real unemployment rate is nearly 17%

The Obama Administration is working overtime to put a positive spin on the dismal February employment numbers. The official government unemployment rate is 9.7% but that only counts people who are still actively looking for work. Millions more have given up looking for non-existent jobs as the Obama recession continues.

The Associated Press calculates that the real U.S. unemployment rate is closer to 17 percent!!!

From an "Unemployment by the Numbers" feature compiled by AP Economics Writer Christopher S. Rugaber:
UNDEREMPLOYED

8.8 million: Number of part-time workers who would have preferred full-time work last month

2.5 million: People without jobs who want to work but have stopped looking

16.8 percent: "Underemployment" rate in February if you include the above two categories

17.4 percent: Underemployment rate in October, the highest on records dating to 1994

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