Having worked in a state unemployment offfice I know what is reported is not always what one hears. BO and the Dept of Labor report the 'Unemployment Compensation' rate, the latest is 9,6%. This is the # of people signing up for UC benefits. It has nothing to do with the total # of people that are unemployed. Depending where you live the rate of the unemployed is about 20%. Gov't is reporting about 300,000 new job openings/month. Sounds good until you realize there are about 250,000 new youth entering the labor mkt each month. At this rate things are not getting much better.
>>>Having worked in a state unemployment offfice I know what is reported is not always what one hears.<<<
Given this is not the source of the UE rate, its irrelevant
>>>BO and the Dept of Labor report the 'Unemployment Compensation' rate, the latest is 9,6%. This is the # of people signing up for UC benefits.<<<
Baloney. Here is what BLS themselves say. For some reason, Yahoo doesn't let the link be posted, but if you look on the BLS website, you can find the following:
"How is the unemployment rate related to unemployment insurance claims? Some people think that to get these figures on unemployment the Government uses the number of persons filing claims for unemployment insurance (UI) benefits under State or Federal Government programs. But some people are still jobless when their benefits run out, and many more are not eligible at all or delay or never apply for benefits. So, quite clearly, UI information cannot be used as a source for complete information on the number of unemployed."
"Is the count of unemployed persons limited to just those people receiving unemployment insurance benefits?
No; the estimate of unemployment is based on a monthly sample survey of house- holds. All persons who are without jobs and are actively seeking and available to work are included among the unemployed. (People on temporary layoff are in- cluded even if they do not actively seek work.) There is no requirement or ques- tion relating to unemployment insurance benefits in the monthly survey."
>>>It has nothing to do with the total # of people that are unemployed.<<<
Then how come they report 8MM folks collecting benefits, and 15MM folks unemployed? Where are the extra 7MM coming from?