Sunday, June 28, 2015 10:33:52 AM
Beyond sad: The real unemployment rate was 42.9%, not 5.5%!
by IWB · June 25, 2015
David Stockman looks at 5.5% unemployment:
At the present time, there are 210 million adult Americans between the ages of 16 and 68—to take a plausible measure of the potential work force. That amounts to 420 billion potential labor hours, if we accept the convention that all adults are at least theoretically capable of holding a full-time job (2,000 hours/year) and pulling their share of society’s need for production and work effort.
By contrast, during 2014 only 240 billion hours were actually supplied to the US economy, according to the BLS estimates. Technically, therefore, there were 180 billion unemployed labor hours, meaning that the real unemployment rate was 42.9%, not 5.5%!
Read more at http://investmentwatchblog.com/beyond-sad-the-real-unemployment-rate-was-42-9-not-5-5/#b4TLbfIHkFmq58pp.99
by IWB · June 25, 2015
David Stockman looks at 5.5% unemployment:
At the present time, there are 210 million adult Americans between the ages of 16 and 68—to take a plausible measure of the potential work force. That amounts to 420 billion potential labor hours, if we accept the convention that all adults are at least theoretically capable of holding a full-time job (2,000 hours/year) and pulling their share of society’s need for production and work effort.
By contrast, during 2014 only 240 billion hours were actually supplied to the US economy, according to the BLS estimates. Technically, therefore, there were 180 billion unemployed labor hours, meaning that the real unemployment rate was 42.9%, not 5.5%!
Read more at http://investmentwatchblog.com/beyond-sad-the-real-unemployment-rate-was-42-9-not-5-5/#b4TLbfIHkFmq58pp.99
Economics by Following the Money ~ Globally & Nationally on Twitter @Conan644
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