Headline: Unemployment rises to 9.6%. 64k new jobs created.
We have seen this script used more than once this morning, in the televised media. Let's set the record straight:
First, 9.6% is not the unemployment rate. Rather, it is the percentage of the work force currently drawing benefit while being UNemployed. That number has increased over last month.
The real unemployment rate is 16.5% . This represents more than 27 million Americans . Midknight Review expects to update this statistic later this morning.
Understand that the economy needs to create 125,000 jobs a month just to keep up with population growth. As reported above, the 54,ooo jobs created actually represents s 61,000 shortfall measured against population influx records for the month.
Point of post: more confirmation for something that we already know: the economy is in the tank.
No comments:
Post a Comment