Maybe if the good news about the U.S. economy gets repeated often enough, appearance will become reality.
We’re not there yet.
The official word from the U.S. Bureau of Labor Statistics is that the unemployment rate has been cut nearly in half, from a double-digit 10% in October 2009 to just 5.5% today. As the chart shows, unemployment has been steadily falling and, given today’s improving economy it should continue to fall. So all is good, right?
Not really. Even CNBC, which is not exactly an anti-government media outlet, has caught on that the U-3 rate is bogus.
CNBC wrote that, “A number of economists look past the ‘main’ unemployment rate to a different figure the Bureau of Labor Statistics calls ‘U-6,’ which it defines as ‘total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers.’ ”
In other words, the U-6 rate is what any sane individual would consider to be the real unemployment rate.