Unemployment numbers for February came out today with two sources only a day apart. Today the Fed Gov reported that the U-3 unemployment rate held steady at 8.3% with the U-6 number at 14.9%.
Yesterday, Gallup reported that the U-3 rate was 9.1%, a .7% increase, and the U-6 number was 19.1%, 4.2% higher.
U-3 is what most people think of as being out of work and collecting unemployment. U-6 includes people who have become discouraged and quit looking as well as people working at part-time or jobs they are otherwise overqualified for.
I heard today that no sitting president since Roosevelt has ever been re-elected with an unemployment rate over 7.2%, so look for the official figure to ease down over the next 8 months, and check with Gallup to find out what's really going on.
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look for the official figure to ease down - that seems pretty evident.
Amazing how extending unemployment benefits up to two years, ended two years ago. Now the "discouraged" (read, dumped) just roll away under the bus.
Golly, I sure Hope for a Change at the White House.
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