Record 95,102,000 Americans Not in Labor Force; Unemployment Rate more like 30%
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The “official” unemployment rate (U3) released each month is, to put it in the most straight-forward way possible, a completely misleading and politicized statistic.
The U3 unemployment rate, which is one of 6 ways the U.S. Bureau of Labor Statistics calculates the amount of people out of work, is defined as the “total unemployed, as a percent of the civilian labor force.”
This is the 4.7% number which came out today and the statistic that soon-to-be former President Barrack Obama has boasted so proudly over.
You remember this, right? …
Obama: “I took an economy that was about to go into a Great Depression, and we’ve now had a little over six years of straight economic job growth, an unemployment rate that’s down below 5 percent, and incomes that have gone up and poverty that has gone down.”
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