Friday, March 15, 2013

What Drop in Unemployment?

Berni, Antonio - Unemployed People or Leisure - Dada - Tempera - Genre
Mar 14, 2013

Despite the Bureau of Labor Statistics’ report that U.S. unemployment fell to 7.7 percent in February, the real jobless rate stands at 23 percent.
That’s because the government’s official measure, known as the “U3,” doesn’t count Americans who are so discouraged by bad prospects that they’ve given up the search for work.
John Williams, the economist and statistician behind Shadow Government Statistics, a site that seeks to show how government reports on the economy are manipulated to hide bad news, reveals that in addition to being three times what the official figure shows, real unemployment is rising, not falling.

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