It’s actually probably even higher than that, when one takes into consideration all those who have – for a year or more, according to BLS specifications – given up looking for full-time work.
The Bureau of Labor Statistics (BLS) doesn’t consider those people as “unemployed,” but rather simply “not in the labor force.”
In the unemployment rate that the media typically use and which the BLS refers to as the “official unemployment rate,” it doesn’t take into account those not in the labor force and those who are underemployed, both for economic reasons.
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When you take these other factors into consideration, the unemployment rate rises to 9.5 percent.
Even the BLS acknowledges this. It’s just that the media doesn’t report on it. The BLS calls it the U-6 number, which they define this way:
“Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.”
“Widely reported unemployment metrics in the U.S. do not accurately represent the reality of joblessness in America. For example, the U.S. Bureau of Labor Statistics (BLS) does not count a person who desires work as unemployed if he or she is not working and has stopped looking for work over the past four weeks. Similarly, the BLS does not count someone as unemployed if he or she is, for instance, an out-of-work engineer, construction worker or retail manager who performs a minimum of one hour of work a week and receives at least $20 in compensation.”
Because we have a Democrat in the White House, liberals and the media are going to use the U-3 number, because it presents a rosier picture than reality. If Trump becomes president, and unemployment drops, liberals will use the U-6 measurement, because it’ll have the highest number.