The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.
The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.
In conjunction with that news, please consider a report from the Treasury Borrowing Advisory Committee (TBAC), which warns that when the Fed stops quantitative easing the interest on the federal debt will more than quadruple from $205 billion a year to $855 billion. Can you say, "Financial Meltdown", boys and girls?
Gee, I wonder what Paul "Subprime" Krugman and Henry "P.O.S." Blodget think of this?
That TBAC members are Violent, Tea-Bagging Racists™, no doubt?
Hat tip: BadBlue Money.
3 comments:
Finally, some honest numbers about the economy and unemployment. I've lived in a college town in Illinois for 25 years. The last four years have been horrible. During that time, enrollment at the university is down 15% and there are serious chances of major layoffs, a private school in existence since 1974 closed its doors last summer (the principal said "we survived Carter- we couldn't survive Obama"), the biggest manufacturer in town has reduced many of its workers to part-time and cut overnight shifts, a 50-year-old national chain motel (140 rooms) shut down a few months ago, home sales are stagnant, a good friend who runs a local supermarket says food stamp use has "skyrocketed" in the last three years, the local schools just laid off dozens of part-timers... the list goes on. I know my town is not alone as this same economic story is repeated across the country.
I am really pleased I ended up here, really nice to hear from somebody that knows what they are talking about. Melbourne Painting
The worst part of this is that from 2008, the 'crises' have all been man-made, contrived due to corrupt*, greedy politicians.
(*ideologically and morally corrupt)
Samuel Hannah
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