1 In 5 Workers Are Underemployed, What is Capitalism?

By: Chris_Kitze

Decline of the Empire writes: The Bureau of Labor Statistics (BLS) redefined the "official" jobs reality today, as it does every month. The BLS provides the data Americans incapable of thinking outside the box will cite over and over to reassure themselves and any remaining doubters that the economic "recovery" is on track, though that recovery been a bit slower than the True Believers would like to see.

Nonfarm payroll employment increased by 192,000 in February, and the unemployment rate was little changed at 8.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in manufacturing, construction, professional and business services, health care, and transportation and warehousing.

My view now and forever after, is that government statistics should be scrupulously avoided if you have any choice in the matter. If I might quote from my post Blowing Off The BLS Monthly Numbers—

The situation has now gotten beyond absurd. I refuse to play this monthly BLS game. It's time to blow off the BLS' monthly numbers. I no longer want my jobs data smoothed, crunched, massaged and otherwise tampered with in any way. I want the data straight, no chaser. It is a matter of confidence and trust—I don't have either. What is the unemployment rate? It stood at 9.8% at the end of January. How do I know this? Gallup polling told me so.

Fortunately for us, Gallup is still polling Americans to determine the reality on the ground.

Unemployment Rate

PRINCETON, NJ -- Unemployment, as measured by Gallup without seasonal adjustment, hit 10.3% in February -- up from 9.8% at the end of January. The U.S. unemployment rate is now essentially the same as the 10.4% at the end of February 2010.

The underemployment rate adds part-time workers who want a full-time job to those who don't have a job.

Underemployment Rate

Underemployment, a measure that combines part-time workers wanting full-time work with those who are unemployed, surged in February to 19.9%. This resulted from the combination of a sharp 0.5-point increase since the end of January in the percentage unemployed and a 0.5-point increase in the percentage working part time but wanting full-time work. Underemployment is now higher than it was at this point a year ago (19.7%).

See the original article >>