John Williams, who publishes the Shadow Government Stats website, believes that even the U-6 is misleading because it has too narrow a definition of unemployment—and Williams regularly offers his own alternative unemployment statistics using a formula that includes long-term discouraged workers. According to Williams’ formula, the U.S.’ real unemployment rate for September 2014 was a whopping 23.1%. Some would argue that Williams’ formula, by adding to the U-6, reflects a combination of unemployment and underemployment rather than strictly unemployment; regardless, it paints a troubling picture of the U.S. economy that is both troubling and informative.
Posted on: Mon, 10 Nov 2014 04:31:39 +0000
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