Nation’s unemployment rate gets even worse when you look below the surface
“Nine and a half percent is bad, but that is just the tip of the iceberg,” says David Kemme, the William M. Morris Chair of Excellence in International Economics at the University of Memphis and executive director of the Economic Club of Memphis. “People drop out of the labor force if they cannot find a job — they are called marginally attached to the labor force. They are real. They are still unemployed. They are just not included in that number.
“And the number continues to jump if you include people who work part time but want to work full time,” Kemme says. “When you add it all up, it’s not pretty.”
While government officials and the media publicize the 9.5 percent rate, the real rate is above 18 percent.
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