Yesterday, I posted an article by James Pethokoukis saying the 'real' unemployment rate is 11.1% and today CNS News is saying it is 14.5%. I do not pretend to know which is correct but I believe the point is this: Obama and the media are cooking the books in order to 'report' unemployment below 8% in time for the election because no President has been re-elected with unemployment above 7.2%. - Reggie
(CNSNews.com) – The “real” unemployment rate – a broader, more inclusive measure of the country’s jobless picture than the one usually used – remained unchanged at 14.5 percent in April, as the economy created a paltry 115,000 jobs.
Known formally as the U-6 unemployment rate, this measure includes those formally counted as unemployed, those known to be marginally attached to the workforce, and those who are working part-time because they cannot find full-time work.
According to the Bureau of Labor Statistics (BLS), the U-6 unemployment rate remained flat in April at 14.5 percent – meaning some 22.8 million people are either unemployed, have stopped looking for work, or need full-time work but can only find part-time employment.
The U-6 rate is considered to be a more accurate measure of the unemployment picture because it includes a broader sample of those affected by poor economic conditions. By including both unemployed persons and those marginally attached, this measure captures people the BLS would normally count as out of the workforce.