Mish's Global Economic Trend Analysis: Jobs +236,000, Unemployment Rate 7.7%, Part-Time Employment +446,000: "The official unemployment rate is 7.7%. However, if you start counting all the people who want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6. U-6 is much higher at 14.3%. Both numbers would be way higher still, were it not for millions dropping out of the labor force over the past few years. . . . One can look at the data two ways.
- The economy is getting better and more jobs are available
- People are working more jobs because their hours were cut and they need a second job
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