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Thursday, July 31, 2008

Unemployment "rate"

The number of Americans who have seen their full-time jobs chopped to part time because of weak business has swelled to more than 3.7 million — the largest figure since the government began tracking such data more than half a century ago.

The loss of pay has become a primary source of pain for millions of American families, reinforcing the downturn gripping the economy. Paychecks are shrinking just as home prices plunge and gas prices soar, furthering the austerity across the nation.
http://www.nytimes.com/2008/07/31/business/economy/31jobs.html?_r=1&hp&oref=slogin

Of course these workers aren't counted. They are in the "U-6" numbers. The marginally attached workers, and those employed part time for economic reasons. That rate is 9.9%. And without the fantasy jobs by the BLS in the birth-death jobs in tomorrow's number, expect that rate to go higher again. You'd have to be a buyer of bonds today, and flip them on the number tomorrow.

Or you could just complain that the government statisticians lies while having a beer on the couch.

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