The national jobless rate jumps to a 7.6% unemployment rate.
588,000 jobs were lost this month.
And the severity of the losses is still vastly understated. This time, the BLS used a population quirk, to even massage these figures downward.
Is it any wonder why we have this situation at the state unemployment funds? The state jobless funds are now just about broke.
A growing number of states are running out of cash to pay unemployment benefits, a sign of how far social-welfare systems are being stretched by the swelling ranks of the jobless in the deteriorating U.S. economy.
Unemployment filings have soared so high in recent months that seven states have already emptied their unemployment-insurance trust funds, which were supposed to see them through recessionary periods. Another 11 states are in jeopardy of depleting reserves by year's end, according to the National Conference of State Legislatures, which published a January report entitled "The Crisis in State Unemployment Trust Funds." So far, states have borrowed more than $2.3 billion in emergency funds from the federal government, money they are required to pay back.
But the current rate also vastly understates the severity of the unemployment today. The U-6 unemployment rate, is when the government actually counts those unemployed, is now up to 13.9%. This is where all these people that are suddenly so rich that they can leave the labor force, are counted. They probably are living off their stock market winnings and flipping condo's!In Government lingo, the U-6 unemployment rate, measures discouraged and marginally attached workers.
So here is the latest in the U-6 unemployment rate, when the government actually counts those unemployed.
In August the U-6 rate was 10.9%.
In September the U-6 rate was 11.2%
In October the U-6 rate was 12.0%.
In Novemeber the U-6 rate was 12.6%
In December the U-6 rate was 13.5%
In January, it is now 13.9%.
But who would want that headline?
So you get that headline here!
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