Real Unemployment Nears 18%

According to the well-respected analysis group Shadow Government Statistics, real unemployment is nearing 18%.

The SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated “discouraged workers” defined away during the Clinton Administration added to the existing BLS estimates of level U-6 unemployment.

In a related article, the Calculated Risk blog cites a Bureau of Labor Statistics report from December. According to that report over 8 million people are involuntary part-time workers:

In December, the number of persons who worked part time for economic reasons (some-times referred to as involuntary part-time workers) continued to increase, reaching 8.0 million. The number of such workers rose by 3.4 million over the past 12 months. This category includes persons who would like to work full time but were working part time because their hours had been cut back or because they were unable to find full-time jobs.

 

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