An unusual way of looking at the unemployment rate.
Tells a different story from the numbers.
Quote:
The BLS no longer considers as “unemployed” those workers without jobs who have not looked for work in the past year because they feel no jobs are available.
While the BLS was reporting seasonally adjusted unemployment in January 2012 at only 8.3 percent, it was also reporting U6 seasonally adjusted unemployment in January 2012 was 15.1 percent.
The only measure BLS reports to the public as the official monthly unemployment rate is the seasonally adjusted U3 number.
Williams wrote that the “headline numbers” BLS reported for January 2012 were statistically manipulated and “simply not believable.”
He calculates his “Official SGS Alternative Unemployment Rate” by adding back into to the BLS U6 numbers those long-term discouraged workers who have not looked for work in the past year.
Williams’ “Official SGS Alternative Unemployment Rate” shows unemployment in January 2012 was 22.5percent , a 0.1 percent increase over December 2011, whereas the BLS figures were designed to report a .8-point decline, from a seasonally adjusted U3 rate of 9.1 percent in January 2011 to a seasonally adjusted 8.3 percent rate in January 2012.
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