Unfortunately we in the media can seize on the easy and ‘run with it.’ The unemployment number released by the Labor Department is easy – we hear it is down to 7.5% from 7.6% and begin to wonder where to buy the champagne (cheap champagne…since even 7.5% means some don’t have jobs.) We can’t stop mentioning 7.5% as though that is a reason to celebrate and yes, it is better than a greater number. But while some are celebrating the tick down in unemployment to 7.5% (the U3 number), think about this: the U6 number (defined below) has ticked UP to 13.9% in April from 13.8% in March.
Moral of the story? did deeper to see what the numbers mean.
“…But there was an area of concern in the report as a broader rate, known as the “U-6″ for its data classification by the Labor Department, increased to 13.9% from 13.8% a month earlier. That includes everyone in the official rate plus “marginally attached workers” — those who are neither working nor looking for work, but say they want a job and have looked for work recently; and people who are employed part-time for economic reasons, meaning they want full-time work but took a part-time schedule instead because that’s all they could find…” CLICK HERE