‘Can We Believe The 0.1% ‘Drop’ In Unemployment?’
by Malcolm T. Hedges (8/7/09)
da Government today announced that Unemployment(U3) dropped from 9.5% to 9.4% in July, while the unmentioned U6 unemployment drifted down to ~16.1%.
Notice the SGS Alternate(1) remains above 20.2%! This suggests that the ranks of the underemployed and unemployed remains essentially static.
Remember that the widely bantered around U3 “Unemployment” stats are watered down to favor da Government, the U6 numbers are far closer to reality, while still watered down.
The people on ‘Welfare’, those who have abandoned all hope, those working ‘part time’ or severally underemployed are not counted!
The best indication of the real economic status is the Tax Revenues, they have tanked with no real sign of recovery.
Malcolm T. Hedges
Note: U3-vs-U6: http://www.shadowstats.com/charts_republish#emp
1) “The SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated “discouraged workers” defined away during the Clinton Administration added to the existing BLS estimates of level U-6 unemployment.”
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