http://www.nypost.com/p/news/business/doctor_note_required_to_read_this_xUd1QgPrRNwN7MXlX9BkKP
I've already explained many times that an alternative measure of unemployment, called U-6 by the Labor Department, has been running much higher than the jobless rate you see in the headlines -- the one that spiked to 10.2 percent last month.
U-6 was 17.5 percent in October, a big jump from 17 percent in September and a major leap from the 10.6 percent in September 2008.
The U-6 calculation represents those who are unemployed plus people who want full-time jobs but can only find part-time work.
As for those who used to be on unemployment but whose benefits have lapsed and STILL can't find a job, including them could propel the figure as high as 22%.
My friend John Williams of Shadow Government Stats thinks the true unemployment rate would be 22.1 percent if everyone -- all discouraged former workers, encouraged, involuntary part-timers and the like -- were included.
And amazingly enough, the labor department admits that they estimated some numbers and may have been overly optimistic in the estimations.
The government's household survey (the one from which the unemployment rate of 10.2 percent comes) showed a "decline in employment" of 589,000 in October, which followed a 785,000 employment drop in September.
That number also includes people who say they retired and others who were fortunate enough to have died during the past month and no longer require a job.
More numbers: Last Friday's 190,000 loss of jobs (from the survey of companies) would have been worse if 86,000 imaginary jobs weren't included to the tally.
The government thinks those 86,000 jobs are coming from newly formed small businesses that it can't survey, but last month the Labor Department admitted that this might be overly optimistic.
In other words, as bad as the government's figures were for October, the truth is bleaker still. Kind of puts PresBo's "We Saved Jobs!" claims into perspective, doesn't it?
Read the rest...
