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I believe the unemployment rate is 13.47% based on the number of missing jobs I calculate using January 2000 as a basis for the percentage of working age people who wish to have a job. 67.49% working age Americans had or wanted a job then when the unemployment rate by the standard Bureau of Labor Statistics method was 4.0%. The number of missing jobs then was 5,689,000. By December 2007, just before the recession hit the U.S. in a big way, the missing job count was up to 11,023,000 jobs. At its worst in the Great Socialist Recession, in January 2010, the number of missing jobs was up to 23,029,000 jobs and the real unemployment rate had climbed to 14.41%. Then there was improvement through July when a local minimum real unemployment rate of 12.72% was achieved. Each month since then the number of missing jobs has grown, as has the unemployment rate. In November, the real unemployment rate was 13.47% and we were missing 21,694,000 jobs. I discuss this more fully at my blog http://objectivistindividualist.blogspot.com/2010/12/missing-jobs-increase-again-in-november.html | |
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