October 7, 2012
Just How Stupid Do They Think We Are?
The Bureau of Labor Statistics (BLS) announced that the "official" U-3 unemployment rate for September 2012 was 7.8 percent. That figure was reported by, among others in the MSM, The New York Times, The Washington Post, National Public Radio (NPR), CNBC, CBS, and Reuters. Somehow all these sources, except for a brief reference from NPR and a very brief reference by CNBC, overlooked the U-6 unemployment rate of 14.7 percent, unchanged from August 2012. But The Wall Street Journal found room for a U-6 rate analysis. The Wall Street Journal's U-6 rate analysis is quite telling, providing a much more realistic unemployment picture than the U-3 rate alone. The U-6 unemployment rate considers the U-3 rate as well as marginally attached workers: "those who are neither working nor looking for work, but say they want a job and have looked for work recently; and people who are employed part-time for economic reasons, meaning they want full-time work but took a part-time schedule...(Read Full Post)