Wednesday, August 26, 2009

You Got Change, Maybe No Hope

The President of the Atlanta Fed:

The real US unemployment rate is 16 percent if persons who have dropped out of the labor pool and those working less than they would like are counted, a Federal Reserve official said Wednesday.

"If one considers the people who would like a job but have stopped looking -- so-called discouraged workers -- and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent, said Atlanta Fed chief Dennis Lockhart.

Stimulated yet?

HT: Ace

1 comment:

Dan said...

Well, to be fair, this is how they calculated unemployment for all the presidents recently.
However, 16% is a wee bit high and somehow the media doesn't report it. I wonder why?