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Drew Ward: Unemployment: Let’s actually look at the numbers
Today the Department of Labor Statistics released the unemployment stats for January. Their report is anything but optimistic. The current unemployment rate for the nation as a whole is 7.6%, reported as the highest since 1982. Something I heard on NPR’s All Things Considered this afternoon caught my ear though. Several economists were discussing the fact that at some point during the last 10 years, the US government changed the way they report employment figures. They estimated that the actual unemployment rate was actually 14.8% and rising! Why? Because the traditional way of reporting employment statistics was much more straightforward. …
