The idiot media (what I call the mainstream media) touts that the unemployment rate remained the same in December.
But looking beneath the headlines, you see that the actual number of jobs in the country sank by 85,000 in December. The unemployment rate remained unchanged because the number of people who gave up looking for work also rose.
As has been the case for the past 6 months of unemployment rates, the rate is being suppressed by the number of people who have completely left the job market. In this case, the actual number of jobs is a better measure of how we’re doing:
The important piece of data is how many darned jobs are there, and it keeps dropping:
(Chart via Innocent Bystanders)
But… the number of people in the country hasn’t dropped, has it…
Here is the rate we should look at – the U6 underutilized labor rate (also sometimes called the misery index):
U-6 Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers..
Shouldn’t that rate be going down, almost a YEAR into Barry’s hot stimulus plan??
But you can add more to it, because the U6 rate doesn’t factor in those who could work but can’t and gave up looking.
So what is the misery index really? I don’t know – 20, 25%?