09 December, 2011

What does it mean to be unemployed?

As many people know the BLS calculates the 'official governmental' figure based on the number of individuals who collect benefits (had no job, could work, and actively was searching...). That rate has been hovering at or near 9% for the past 6 months or so... but a less known BLS statistic adds in discouraged or marginally employed individuals, and bumps the figure to around 16%.  Some independent statisticians claim the number is closer to 22%.

I am going to do some research to see if I can verify this last claim... but whatever the number is, it is clear that the 'official' rate is to low by at least half. What does that mean for our economy? Personally? Nationally?