The U.S. Bureau of Labor Statistics (BLS) released the Unemployment rate for January 2015 today. Adjusted U-3 unemployment rose “insignificantly” from 5.6% to 5.7%. Unadjusted unemployment rose more significantly from 5.4% in December to 6.1% in January. Unadjusted U-6 unemployment i.e. including discouraged workers who have given up looking plus those working part-time but seeking full-time employment jumped from 11.1% in December to 12.0% in January.
But the big news is that Jim Clifton the CEO of Gallup said that unemployment is really closer to 9%. Here’s what he said:
There’s no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.
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