Unemployment Held Steady at 8.3%… or did it?

by Ryan on March 9, 2012

in Economy,Election 2012,Politics

According to the Bureau of Labor Statistics, February’s unemployment rate held steady at 8.3%, with the U6 underemployment number dropping to 14.9%.

Using more consistent methods of data gathering, Gallup has February’s number at 9.1% with underemployment at 19.1%.

If the BLS counted the people who’ve dropped out of the job hunt, their unemployment figure would be at 9.8%.  It’s these kinds of disparities that pushed Duncan Hunter (R-CA) to proposed a bill which would make the BLS to use “real numbers, not DC numbers” in their calculations.  BLS changes the denominator to get their percentages lower by no longer counting job-seeking dropouts.

Hunter has a point and I hope this proposal gets traction as a political issue since there’s no way it gets signed by Obama this election year.

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