ByRobert McGarveyFollow|09/04/15 – 09:55 AM EDT
NEW YORK (MainStreet) — Unemployment numbers out of the U.S. Bureau of Labor Statistics (BLS) are a cause for celebration on both sides of the political aisle and that is, because the current rate reported today for the August Jobs Reportis 5.1%, a huge improvement over the 10% notched in October 2009. Just one problem: that number is so misleading it just about counts as a lie.
You have just quit looking for work because it’s pointless? Officially you do not count as unemployed. Ditto for if you’ve taken a part-time job, however wretched, just to put a few bucks in your pocket. You are not unemployed,
The real numbers may be twice as high. Maybe one in ten of us is unemployed or we have just plain given up on the idea of a fulltime job. The BLS acknowledges this in a different tally that it calls U-6. By its count, 11.3% of us have given up on the dream of a good full-time job. Those workers, in BLS parlance, are “discouraged.” Some have given up looking for fulltime work. Others work part-time because that’s all they can get.
Some states do especially poorly. In West Virginia 13% count as discouraged. In Arizona, 13.8% of the potential workforce is not even close to where it wants to be. Nevada is a stomach churning 15.2%, the nation’s biggest clump of dissatisfied workers and the discouraged unemployed.
Polling company Gallup, by the way, says the BLS discouraged workers numbers are low. It claims that 14.7% of us – that’s one in seven – is underemployed
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