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View Diary: Jobs Report Grimmer Than Expected (216 comments)

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  •  I'll look it up and get back to ya! ;) nt (3+ / 0-)
    Recommended by:
    PAbluestater, oscarsmom, Punditcrat
    •  Williams on Real Unemployment (3+ / 0-)
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      PAbluestater, oscarsmom, Mom in Maine

      John Williams starts by discussing the headline economic data: "Real unemployment right now -- figured the way that the average person thinks of unemployment, meaning figured the way it was estimated back during the Great Depression -- is running about 12%. Real CPI right now is running at about 8%. And the real GDP probably is in contraction." (By "real," he means calculating the data the way they used to be calculated, not as inflation-adjusted.)

      He then explains how the employment data are compiled, noting that 5 million chronically unemployed people are not included in the statistics. In fact, there are seven or eight different employment statistics. One called U-3 is the official one. The broadest one, U-6, currently shows unemployment as running around 8.4%. As he explains, the one that's the most historically consistent is running around 12%.

      Bill Fleckenstein at MoneyCentral.

      Joe Biden: Get up! Al Gore: Pray, and use your feet! Harriet Tubman: Keep going!

      by JG in MD on Fri Oct 03, 2008 at 12:41:52 PM PDT

      [ Parent ]

      •  If you look at the U6 graphic that I posted ... (0+ / 0-)

        ...with this piece, you'll notice that it is running at 11% right now; it was 8.4% when Fleckenstein wrote his piece back in 2006.

        I am an anti-imperialist. I am opposed to having the eagle put its talons on any other land. -- Mark Twain

        by Meteor Blades on Fri Oct 03, 2008 at 02:58:41 PM PDT

        [ Parent ]

        •  Oooops, I'm Sorry MB. (0+ / 0-)

          I wish I'd pay more attention when I'm blogging.

          I saw the U6 but it didn't register that I had... oh, never mind.

          —JG  8-[

          Joe Biden: Get up! Al Gore: Pray, and use your feet! Harriet Tubman: Keep going!

          by JG in MD on Fri Oct 03, 2008 at 05:37:36 PM PDT

          [ Parent ]

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