I don’t know about you guys but I think it’s misleading the way the unemployment rate is calculated.
Today’s employment report shows that 96,000 jobs were added in August. I did a quick search and found that we need to add about 250,000 jobs per month in order to drop the unemployment rate. We added 96,000 jobs but 400,000 people are no longer counted in the numbers because they gave up looking for work.
So, what’s the real unemployment rate?
According to the last paragraph of this article, it’s around 14.7%, or nearly TWICE the official number.