Real Unemployment Rate Rose in August to 16.2% — 26 Million People | CNSnews.com
When new unemployment numbers come out, it’s important to keep in mind the real unemployment rate that doesn’t get mentioned very often in the press despite being an officially calculated government number from the U.S. Department of Labor. The real rate is 16.2%, up from 16.1% in July, and this real rate is described as, “Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.” Here’s the article from CNSnews.com:
The real unemployment rate actually rose in August, according to the Department of Labor, belying the fact that the official unemployment rate, 9.1 percent, remained flat while the economy did not create any new jobs on net last month.
According to the data from the Bureau of Labor Statistics, real unemployment rose to 16.2 percent in August, up from 16.1 percent in July and tying the 2011 record set in June.
The real unemployment rate is comprised of three different measures of the labor force that more accurately reflect who is really unemployed, as opposed to the official unemployment rate, which merely measures those who told the government they were unemployed and looking for work in the past month.
The real unemployment rate is comprised of the official unemployment rate, those employed part-time because they cannot find full-time work, and those marginally attached to the labor force: people who have stopped looking for work but would return to the labor force if jobs were available.All told, the total number of Americans who are truly unemployed – those that make up the real unemployment rate – is now 26 million people, according to the Labor Department data.
The Heritage Foundation recently assembled some historical graphs about unemployment, the economy, and the job market. The graphs show some interesting trends and comparisons to past recessions and recoveries.